XRP’s Struggles Continue Amidst Stiff Resistance at $0.4800


The digital asset known as XRP is currently undergoing a palpable price recovery, kicking off from the resistance point of $0.4620. However, the cryptocurrency is facing difficulty in breaking through the $0.4780 level, which may potentially induce a retracement in its value.

In the realm of digital money, XRP is currently fighting against the tide, yearning for a surge from its standstill at the $0.4620 resistance area. Despite the struggle, XRP currently remains trapped beneath the ceiling of $0.4800, showing no signs of movement beyond the 100-hourly Simple Moving Average.

Follow us on Google News! ✔️

A vigilant bearish trend persists, with a consequential resistance locked at a $0.4770 mark, as demonstrated on the hourly trajectory of the XRP/USD pair. Obstructions seem to be looming at close quarters, more predominantly around the $0.4780 and $0.480 marks, signally a potential downturn.

The course of XRP has recently followed in the footprints of both Bitcoin and Ethereum, clocking losses beneath the $0.480 benchmark. Its price stooped and grazed lower territories beneath $0.4650, testing the resilience of the $0.4620 area, before plunging to a pit stop at $0.4619.

Subsequently, the digital currency embarked on a rebound, trekking upwards beyond the resistance levels of $0.4700 and $0.4720. Despite navigating past the midway point of the downward ripple from its swing high of $0.4885 to its swing low of $0.4620, the bearish trend appears to stubbornly linger near the $0.4780 terrain, thereby obstructing further traction.

Curiously, the bears appear to have set up fortification around the 61.8% Fibonacci retracement level mark, given the descent from $0.4885 to $0.4620. Critical bearish trend lines can be seen tailing the XRP/USD pair’s resistance at $0.4770.

As it stands, the cryptocurrency is trading under the $0.4800 threshold, casting a shadow on the 100-hourly Simple Moving Average. Upon ascending, the digital coin is anticipated to face its first significant resistance around the $0.4770 mark. The next substantial barrier lurks just a hairbreadth away, eyeing the $0.4800 mark.

If XRP navigates successfully through the impending obstacles and breaks the $0.4800 resistance, the cryptocurrency could potentially catapult towards the $0.4885 resistance. Successively, a substantial obstacle awaits near the $0.5050 station. Overcoming such a stronghold might serve as a green flag for further ascents, potentially steering towards the $0.5250 mark. Any additional profits may subsequently usher XRP towards the $0.5500 resistance.

However, should XRP be defeated by the $0.4800 resistance zone, it’s highly plausible that another descent could ensue. Initial support on the bearish side rests at the $0.4685 level. Following this, the next significant safety net can be found at $0.4620.
If the cryptocurrency dips and concedes to a close beneath $0.4620, it may trigger the bullish momentum. In this bearish scenario, XRP might even scale downwards beyond the $0.450 support in the short term.

From a technical vantage point, Hourly MACD and RSI (Relative Strength Index) reveal that the MACD for XRP/USD is gradually decelerating within the bullish arena. Concurrently, the RSI for XRP/USD floats near the 50 level.

Crucial support levels remain at $0.4685 and $0.4620. Meanwhile, significant resistance levels are sustained at $0.4770 and $0.4800. As the cryptocurrency market breathes and fluctuates, all eyes remain on XRP, awaiting its next move.