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Cryptocurrency investors are curious about what the future holds for Ripple‘s XRP and which direction its price will move. Currently, XRP is trading below $0.50 and a drop below the support level of $0.472 could further decrease the price.
The Current State of XRP Coin
In the past few days, XRP has experienced a significant drop below $0.520 and the decline accelerated when the price fell below $0.512. Bears attempted to pull the price below the support level of $0.50, even pushing it down to the 55-day Simple Moving Average (MA) and below $0.475 on the 4-hour time frame. The recent low was around $0.4730 and the price is currently trying to recover.
Recently, XRP’s price managed to climb above $0.484. However, XRP is currently trading below $0.50 and the 55-day MA on the 4-hour time frame. On the upside, the price faces resistance near $0.492, which also represents a 23.6% Fibonacci retracement level of the movement from $0.5510 to $0.4730.
Furthermore, there is a significant descending resistance trendline near $0.492 on the 4-hour time frame. After this resistance trendline, the main resistance level is located around $0.512. This level is close to the 50% Fibonacci retracement level of the movement from the recent peak of $0.5510 to the low of $0.4730.
Will XRP Coin Rise?
A clear move above $0.512 could trigger a new increase in XRP’s price. In this scenario, the price could surpass the $0.520 resistance and gain momentum towards the $0.550 resistance. On the downside, the first support is around $0.4780, followed by a significant support level near $0.4720. In case of further losses, the price could decline to $0.450 and test the $0.4320 level if it goes below.
Analyzing the chart, we can see that XRP’s price is generally trading below the $0.50 region and the 55-day MA on the 4-hour time frame. Therefore, it is important to consider a scenario where the price breaks below the support level of $0.4720, as it could lead to further losses.
