Ripple’s cryptocurrency is maintaining its position above the $0.50 mark when paired with the US Dollar. However, XRP’s value could face a downturn if it fails to recover beyond the $0.512 level.
Currently, Ripple’s token is making an effort to advance, targeting levels above $0.508 and $0.512 against the US dollar. It’s worth noting that the price has surpassed $0.500 and is currently trading above the 100 simple moving average (4 hours).
On the 4-hour chart of the XRP/USD pair, a significant contracting triangle is taking shape, with resistance forming near the $0.505 mark (data sourced from Kraken). Should the price manage to close above $0.512, it may generate bullish momentum.
The value of Ripple’s token maintains crucial support.
In our previous XRP price analysis, we explored the potential for further gains in Ripple’s XRP against the US Dollar. Although the price successfully surpassed the $0.515 resistance, its upward movement was constrained, mirroring the trends of Bitcoin and Ethereum.
Efforts to breach the $0.525 resistance level were met with challenges. The price reached a peak around $0.5254 before undergoing a corrective decline. This correction led to a dip below $0.512, briefly touching the $0.50 support level. A low point was established at approximately $0.4907, and the price is currently in a consolidation phase.
The cryptocurrency has managed to climb back above the 23.6% Fibonacci retracement level, calculated from the recent decline spanning from the $0.5254 swing high to the $0.4907 low. Additionally, XRP is trading above $0.500 and has remained above the 100 simple moving average over a 4-hour period.
Looking at potential resistance levels, the immediate barrier is situated around $0.508. Furthermore, a significant contracting triangle is taking shape, featuring resistance approximately at $0.505 on the 4-hour XRP/USD chart. This resistance coincides with the 50% Fibonacci retracement level, calculated from the recent drop between the $0.5254 swing high and the $0.4907 low.
![](https://sollcrypto.com/wp-content/uploads/2023/09/Screen-Shot-2023-09-26-at-12.20.21-PM.png)
The upcoming significant hurdle lies in the vicinity of the $0.5120 mark. If the price manages to secure a close above this level, it could potentially propel the price towards the $0.525 resistance threshold. A successful breach of the $0.525 resistance could initiate a robust rally aiming for the $0.555 resistance. Further advancements might even lead to an examination of the $0.580 resistance level.
Is XRP Set for a Bearish Break?
If Ripple fails to surmount the $0.512 resistance area, it may trigger a potential downtrend. Initial support on the downside is located around the $0.50 region, coinciding with the presence of the 100 simple moving average over a 4-hour timeframe.
The subsequent significant support level is situated at $0.490. In the event of a downside breach with a close below the $0.490 mark, XRP’s price could see an extension of its losses. Under such circumstances, the price might revisit the support zone at $0.460.
Turning to the technical indicators:
- The 4-hour MACD for XRP/USD is currently displaying a slowdown in bullish momentum.
- The 4-hour RSI (Relative Strength Index) for XRP/USD has dipped below the 50 level.
Key Support Levels to watch: $0.500, $0.490, and $0.460.
Key Resistance Levels to monitor: $0.508, $0.512, and $0.525.