17 October 2023
XRP price is attempting a fresh increase from $0.4730 against the US Dollar. The price could climb toward $0.5320 unless there is a downside break below $0.4880.
XRP is struggling to gain pace above the $0.5065 resistance against the US dollar.
The price is now trading below $0.500 and the 100 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance near $0.4915 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might continue to move down if it breaks the $0.4880 support zone.
XRP Price Eyes Recovery
After a steady decline, XRP found support near the $0.4730 zone. The price started a recovery wave above the $0.480 level, like Bitcoin and Ethereum.
There was a move above the $0.4880 resistance. The bulls pushed it above the 23.6% Fib retracement level of the main drop from the $0.5510 swing high to the $0.4730 low. Besides, there was a break above a major bearish trend line with resistance near $0.4915 on the 4-hour chart of the XRP/USD pair.
However, the bears remained active above the $0.500 resistance zone. The price is now trading below $0.500 and the 100 simple moving average (4 hours).
On the upside, immediate resistance is near the $0.500 level. The first major resistance is near the $0.5065 level and the 100 simple moving average (4 hours) or the 50% Fib retracement level of the main drop from the $0.5510 swing high to the $0.4730 low.
Source: XRPUSD on TradingView.com
A close above the $0.5065 level could send the price toward the $0.521 resistance. A successful break above the $0.521 resistance level might start a strong increase toward the $0.550 resistance. Any more gains might send XRP toward the $0.585 resistance.
More Losses?
If XRP fails to clear the $0.5065 resistance zone, it could continue to move down. Initial support on the downside is near the $0.488 zone.
The next major support is at $0.4730. If there is a downside break and a close below the $0.4730 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.4320 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 – $0.488, $0.473, and $0.432.
Major Resistance Levels – $0.5065, $0.5210, and $0.550.