XRP price is currently facing challenges in its recovery above the $0.5140 resistance level. To initiate a fresh increase, XRP must maintain a support level at $0.4550 in the near term.
XRP is currently in the process of attempting a recovery wave above the $0.450 zone. However, it is trading below the $0.550 level and the 100 simple moving average on the 4-hour chart. There is also a significant bearish trend line forming with resistance at $0.5440.
If the price of XRP fails to surpass the $0.5440 resistance zone, there is a possibility of another decline. Initial support on the downside is observed near $0.480, followed by a major support level at $0.4550. A breakdown below the $0.4550 level could accelerate the downwards momentum and potentially lead to a retest of the $0.420 support zone.
On the other hand, if the bulls manage to push the price above the $0.540 resistance zone, it could spark a strong increase. The next key resistance level to watch is at $0.600. If there is continued bullish action above $0.600, a rally towards the $0.6240 and $0.700 resistance levels could be expected.
It is essential to note that the MACD for XRP/USD on the 4-hour chart is losing pace in the bearish zone, indicating a potential decline. Additionally, the RSI for XRP/USD is below the 50 level, suggesting a bearish sentiment.
These technical indicators, support, and resistance levels provide crucial insights for traders and investors when making decisions about buying, selling, or holding XRP. However, it is essential to conduct thorough research and evaluate risks before making any investment decisions.