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XRP Price Faces Key Resistance as Recovery Attempts

XRP's price is currently endeavoring to recover from the $0.4730 level in its trading against the US Dollar.

by Alexander
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XRP‘s price is currently endeavoring to recover from the $0.4730 level in its trading against the US Dollar. The digital asset may have the potential to reach $0.5320, provided it avoids a breakdown beneath $0.4880.

XRP is grappling with its attempt to surpass the $0.5065 resistance against the US dollar. At present, the price is trading below $0.500, as well as the 100 simple moving average (4 hours).

Positive Breakout Signs

Notably, there was a notable development as a significant bearish trend line was breached, with resistance situated around $0.4915 on the 4-hour XRP/USD chart, based on data from Kraken. This upward move arrived following a period of steady decline, during which XRP found support in the vicinity of the $0.4730 zone.

Source: XRPUSD on TradingView.com

The bulls managed to push the price beyond the $0.4880 resistance. Furthermore, it moved past the 23.6% Fibonacci retracement level from the main drop spanning the $0.5510 swing high to the $0.4730 low.

Current Hurdles and Potential Upside

Despite these positive moves, the bears have continued to put up resistance around the $0.500 level. Moreover, the price is currently trading beneath $0.500 and the 100 simple moving average (4 hours).

Moving forward, the immediate resistance rests near the $0.500 level. Subsequently, the primary resistance is situated at approximately $0.5065, close to the 100 simple moving average (4 hours). This level is also near the 50% Fibonacci retracement level of the main decline from the $0.5510 swing high to the $0.4730 low.

Potential Scenario for Further Gains

Should XRP successfully break above the $0.5065 resistance level, it could pave the way for an ascent towards the $0.521 resistance. A substantial breakthrough past the $0.521 resistance might initiate a robust uptrend towards the $0.550 resistance, and potentially beyond to the $0.585 resistance.

However, if XRP fails to conquer the $0.5065 resistance zone, it might continue to face downward pressure. The initial support on the downside lies around the $0.488 zone.

Subsequently, the next significant support level stands at $0.4730. A potential downward breach and close below this $0.4730 level could lead to an accelerated decline, with the price possibly revisiting the $0.4320 support zone.

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