The legal process between Ripple and the SEC is gradually coming to an end, but the failure to surpass the critical resistance in XRP’s price is causing concern. However, recent developments indicate that XRP has seen a recovery from the $0.4865 support level. Many investors are closely monitoring this situation.
The $0.50 level is crucial for XRP. Currently, the price is trading at $0.5050 and is above the 100-hour Simple Moving Average, suggesting a potential upward trend. Stay updated on the latest financial and business news by visiting COINTURK FINANCE.
From a technical analysis perspective, the hourly chart of the XRP/USD pair reveals a breakout above the major downtrend line at the $0.5025 resistance level. This indicates a positive sentiment in the market. However, this positive sentiment was short-lived. It is suggested that if XRP manages to close above the $0.5120 resistance, a significant increase could occur.
Nevertheless, it is important to acknowledge the existence of resistance levels in the market. The immediate resistance is at $0.5085, while the first key resistance is around $0.5120. A close above this level would serve as a strong bullish signal for XRP.
In the event that XRP moves downward, it appears to be struggling to surpass resistance levels. If it fails to break through the critical resistance area of $0.5120, a new downward trend may emerge. The first support level on the downside is currently the 100-hour Simple Moving Average near the $0.4950 level.
If the price falls below these levels and closes below $0.49, it could indicate further declines for XRP. In such a scenario, the price is expected to retest the $0.4865 support area.
Examining the technical indicators, the 4-hour MACD for XRP/USD continues to gain momentum in the bullish zone. Similarly, the 4-hour RSI (Relative Strength Index) is above the 50 level, suggesting short-term strengthening.
The main support levels remain at $0.4950 and $0.4865, while the resistance levels are at $0.5120 and $0.5220.
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Disclaimer: The information provided in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks. It is advised to conduct personal research before making any investment decisions.
