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Ripple and the SEC’s legal process is slowly coming to an end, but the inability to surpass the critical resistance in XRP’s price raises questions. Nevertheless, recent developments show that XRP has experienced a recovery wave from the $0.4865 support level. This situation is closely monitored by many investors.
$0.50 is Crucial for XRP
XRP’s inability to surpass $0.500 is seen as a negative sign by many investors. Currently, the price is trading at $0.5050 and is above the 100-hour Simple Moving Average. This indicates that XRP might enter a potential upward trend.
In technical analysis, a significant indicator is the hourly chart of the XRP/USD pair, where a breakout above the major downtrend line at $0.5025 resistance occurred. This shows a positive sentiment in the market. However, it should be noted that this positive sentiment did not last long. Specifically, it is stated that if a close above the $0.5120 resistance occurs, XRP could start a significant increase.
However, it is important to remember that there are still some resistance levels in the market. The immediate resistance is shown at $0.5085. Additionally, the first key resistance is around $0.5120. A close above this level could be a strong bullish signal for XRP.
If XRP Moves Downward
The cryptocurrency XRP seems to be struggling to surpass resistance levels recently. If it fails to pass the critical resistance area of $0.5120, a new downward trend might begin for XRP. Currently, the 100-hour Simple Moving Average near the $0.4950 level is noted as the first support level on the downside.
If the price falls below these levels and closes below $0.49, further declines for XRP could become likely. In this scenario, the price is expected to retest the $0.4865 support area.
What Do Technical Indicators Say?
Looking at technical indicators, the 4-hour MACD continues to gain momentum in the bullish zone for XRP/USD. Similarly, the 4-hour RSI (Relative Strength Index) is above the 50 level, indicating short-term strengthening.
The main support levels remain at $0.4950 and $0.4865, while resistance levels are shown at $0.5120 and $0.5220.
