XRP price recently suffered a significant decline, dropping below the $0.50 support level and even hitting below the $0.4650 support zone. However, the price has since started to rebound, with a low of $0.4533 being formed. Currently, XRP is correcting its losses and has moved above the $0.470 and $0.4750 resistance levels. There is a connecting bullish trend line with support at $0.4950 on the hourly chart of the XRP/USD pair, indicating a potential upward movement in the near future.
Despite the positive correction, XRP is still trading below the $0.5050 resistance level and the 100-hourly Simple Moving Average. The price is facing resistance around the $0.500 level, with the next key resistance at $0.5050 and a major resistance at $0.5120. A close above the $0.5120 resistance level could signal further gains, with the next key resistance level at $0.5250. If XRP manages to break above this resistance, it could potentially climb towards $0.5320 and even $0.550.
However, if XRP fails to clear the $0.5050 resistance zone, it may experience another decline. Initial support is seen at the $0.4950 level along with the connecting bullish trend line. The next significant support level is at $0.4900, and a downside break below this level could lead to further losses, potentially retesting the $0.4740 support level in the short term. The hourly MACD for XRP/USD indicates a bearish trend, while the RSI is currently above the 50 level.
In conclusion, XRP price has faced a major decline but is now attempting to recover above key resistance levels. The current trend line and support levels suggest a potential upward movement, with resistance levels at $0.500, $0.5050, and $0.5120. On the other hand, if XRP fails to break above the resistance levels, there may be another decline towards the $0.4900 and $0.4950 support levels. Traders and investors should closely monitor these key levels and indicators to make informed decisions regarding XRP price movements in the coming days.
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