The price of XRP is having difficulty rising above the $0.5140 barrier. In order to try a new climb in the near future, the price needs to remain above the $0.4550 support.
XRP is making an effort to rally above the $0.450 region.
Right now, the price is trading below both the 100 simple moving average (4-hour) and $0.550.
On the 4-hour chart of the XRP/USD pair, a significant negative trend line is forming, with resistance located at $0.5440.
Bearish momentum could build if the pair closes below the $0.4550 support.
The price of XRP goes red
The price of XRP fought to overcome the $0.6420 barrier following a consistent rise. Similar to Ethereum and Bitcoin, it began a new drop below the $0.600 support. Below the $0.500 support, there was a significant move.
At last, the price made a test run at $0.3880. The price began to rise after hitting a low at $0.3875. A move above the $0.40 and $0.450 marks was made. Above the 23.6% Fib retracement level, the price rose during the decline from the $0.6420 swing high to the $0.3875 low.
Right now, the price is trading below both the 100 simple moving average (4-hour) and $0.550. The 50% Fib retracement level and the $0.5140 level, which mark the beginning of the decline from the $0.6420 swing high to the $0.3875 low, represent the immediate resistance.
Near $0.540 is the next significant resistance. Moreover, a significant negative trend line with resistance at $0.5440 is developing on the XRP/USD pair’s 4-hour chart. A big advance might be initiated by a closure over the $0.540 resistance zone. Near $0.600 is the next significant resistance.
A rally toward the $0.6240 resistance level is possible if the bulls continue to go above the $0.600 resistance level. Should the price rise further, it might approach the resistance level of $0.700.
XRP may initiate another drop if it is unable to break through the $0.5440 resistance zone. Initial downward support is located close to the $0.480 mark.
At $0.4550 is the next significant support. The price could drop more quickly if there is a break below the $0.4550 mark and a close below it. The price may retest the $0.420 support zone in the given scenario.
April 2024, Cryptoniteuae
