XRP Price Prediction – Topside Bias Vulnerable Unless Bulls Clear This Hurdle

2023-08-31 05:39:23

Ripple’s token price is showing bearish signs below $0.550 against the US Dollar. XRP price could start another decline if it trades below $0.500.

Ripple’s token price is struggling to recover above $0.540 and $0.550 against the US dollar.
The price is now trading below $0.550 and the 100 simple moving average (4 hours).
There is a major bearish trend line forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might start another decline if there is a break below $0.500.

Ripple’s Token Price Eyes Fresh Increase

After a sharp decline to $0.40, Ripple’s XRP started a recovery wave against the US Dollar. The price recovered above the $0.48 and $0.50 resistance levels, like Bitcoin and Ethereum.

The price was able to surpass the $0.520 resistance as well. Finally, there was a spike above the 50% Fib retracement level of the key drop from the $0.6655 swing high to the $0.3995 low. The bulls are now facing an uphill task near $0.550.

XRP is still trading below $0.540 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

Initial resistance on the upside is near the $0.540 zone and the trend line. The next major resistance is near the $0.550 level or the 61.8% Fib retracement level of the key drop from the $0.6655 swing high to the $0.3995 low. A successful break above the $0.550 resistance level might send the price toward the $0.60 resistance. Any more gains might call for a test of the $0.625 resistance.

Another Drop in XRP?

If ripple fails to clear the $0.550 resistance zone, it could start another decline. Initial support on the downside is near the $0.505 zone.

The next major support is at $0.500. If there is a downside break and a close below the $0.500 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.435 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.505, $0.500, and $0.435.

Major Resistance Levels – $0.540, $0.550, and $0.600.

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