Key Points:
- XRP price is below $0.50 and $0.4650, hitting a low at $0.4533, signalling bearish pressure.
- XRP corrected upwards, breaking $0.470 and $0.4750 resistances, above 50% Fibonacci retracement.
In recent trading sessions, XRP experienced a notable decline, breaking through key support levels. The cryptocurrency dropped below the crucial $0.50 support, signalling significant bearish pressure. Following this, XRP spiked below the $0.4650 support zone, exacerbating the downward trend. This decline culminated in a low at $0.4533, marking a pivotal moment for traders and analysts monitoring the asset’s performance.
XRP Price Rebounds Above $0.470 and $0.4750 Levels
After hitting the low at $0.4533, XRP began a corrective phase, showing signs of recovery. The price moved above the $0.470 and $0.4750 resistance levels, which indicated a temporary reversal in the bearish trend. This upward correction was further validated as XRP climbed above the 50% Fibonacci retracement level, calculated from the $0.5271 high to the $0.4533 low. This movement suggested buyers were attempting to regain control, though challenges remained.
XRP Needs to Break $0.550 to Maintain Uptrend
XRP faces multiple resistance levels that could impede its upward movement. Key resistance points include $0.500, $0.5050, $0.5120, $0.5250, $0.5320, and $0.550. Furthermore, each level represents a potential hurdle where selling pressure might increase, stalling bullish momentum. Breaking through these resistances is crucial for XRP to establish a more sustained upward trajectory.
XRP’s Crucial Supports: $0.4950, $0.4900, $0.4740
On the downside, XRP has several support levels that could provide a safety net against further declines. The immediate support levels are at $0.4950 and $0.4900, with more significant support at $0.4740. These levels are critical for maintaining the current price structure and preventing a deeper bearish trend. Traders will closely watch these supports to gauge the potential for any bounce-back.
XRP Price Needs to Close Above $0.5120 for Gains
For XRP to continue its upward movement, a close above the $0.5120 resistance level is essential. Achieving this could increase the price, leading to a steady increase towards the $0.5250 resistance. Further gains could see XRP reaching the $0.5320 resistance, potentially extending up to the $0.550 level if bullish momentum strengthens.
XRP’s Downward Risk Below $0.4950 and $0.4900
Conversely, it might decline if XRP fails to clear the $0.5050 resistance. Initial support lies at $0.4950 and a trend line that could offer some cushioning. The major support at $0.4900 is crucial; a downside break below this level might accelerate the decline, potentially leading to a retest of the $0.4740 support. This scenario would signal a continuation of the bearish trend.
