Ripple and the SEC’s legal process are slowly reaching a conclusion, but the failure to overcome the crucial resistance in XRP’s price is causing concerns. However, recent developments indicate that XRP has seen a recovery from its support level of $0.4865. This situation is being closely monitored by numerous investors.
The $0.50 mark is of utmost importance for XRP. If XRP fails to move above this level, it could face downward pressure. Currently, the price is trading at $0.5050 and is above the 100-hour Simple Moving Average, suggesting a potential upward trend. For the latest financial and business news, visit COINTURK FINANCE.
In terms of technical analysis, the hourly chart of the XRP/USD pair is a significant indicator. A breakout above the major downtrend line at the $0.5025 resistance level indicates positive sentiment in the market. However, this sentiment was short-lived. It is noted that if XRP manages to close above the $0.5120 resistance level, a significant increase could be expected.
Nevertheless, it is important to acknowledge the existence of resistance levels in the market. The immediate resistance is seen at $0.5085, while the first key resistance is around $0.5120. A close above this level could serve as a strong bullish signal for XRP.
If XRP moves downward, it appears to be struggling to surpass resistance levels. Failing to pass the critical resistance area of $0.5120 could lead to a new downward trend. The first support level on the downside is currently observed at the 100-hour Simple Moving Average near the $0.4950 level.
If the price falls below these levels and closes below $0.49, further declines for XRP are likely. In such a scenario, the price is expected to test the support area of $0.4865.
Turning to technical indicators, the 4-hour MACD for XRP/USD continues to gain momentum in the bullish zone. Similarly, the 4-hour RSI (Relative Strength Index) is above the 50 level, indicating short-term strength.
The main support levels remain at $0.4950 and $0.4865, while resistance levels are shown at $0.5120 and $0.5220.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
