XRP Price Prediction – Breaking This Confluence Resistance Could Spark Recovery

2023-09-07 04:43:36

Ripple’s token price is holding the $0.485 support against the US Dollar. XRP price could start a recovery wave if it clears $0.510 and $0.525.

Ripple’s token price is struggling to recover above $0.510 and $0.525 against the US dollar.
The price is now trading below $0.520 and the 100 simple moving average (4 hours).
There is a major bearish trend line in place with resistance near $0.5020 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might start another decline if it stays below $0.525 in the short term.

Ripple’s Token Price Eyes Recovery

In the past few days, Ripple’s XRP saw a steady decline from the $0.550 resistance against the US Dollar. The price declined below the $0.532 and $0.525 support levels.

It even spiked below the $0.500 support. A low is formed near $0.4863 and the price is now attempting a recovery wave, like Bitcoin and Ethereum. It is now trading near the 23.6% Fib retracement level of the recent decline from the $0.5490 swing high to the $0.4863 low.

XRP is now trading below $0.520 and the 100 simple moving average (4 hours). It is also trading near a major bearish trend line in place with resistance near $0.5020 on the 4-hour chart.

Initial resistance on the upside is near the $0.502 zone and the trend line. The next major resistance is near the $0.518 level or the 50% Fib retracement level of the recent decline from the $0.5490 swing high to the $0.4863 low.

Source: XRPUSD on TradingView.com

The main resistance is forming near $0.525. A successful break above the $0.525 resistance level might send the price toward the $0.532 resistance. Any more gains might call for a test of the $0.550 resistance.

Another Drop in XRP?

If ripple fails to clear the $0.525 resistance zone, it could start another decline. Initial support on the downside is near the $0.490 zone.

The next major support is at $0.485. If there is a downside break and a close below the $0.485 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.450 support zone.

Technical Indicators

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

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

Major Support Levels – $0.490, $0.485, and $0.450.

Major Resistance Levels – $0.518, $0.520, and $0.550.

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