in respect to the US dollar. The XRP price must remain above $0.500 and $0.4820 in order to begin a fresh gain in the near term.
Despite this setback, last week saw Ripple's surpass the $0.5400 resistance against the US Dollar, outperforming both Bitcoin and Ethereum. The price even spiked above $0.5650 before encountering bearish activity.
XRP experienced a downward correction from its peak of $0.5850. As a result, the price dropped below the $0.5650 and $0.5500 levels. However, the bulls made an appearance near the $0.500 and $0.4820 marks, resulting in a low of $0.4810. xrp is now consolidating its losses.
XRP price has experienced a slight uptick above the 23.6% Fib retracement level, which occurred during the downward move from the $0.5850 high to the $0.4810 low. Currently, XRP is trading above $0.5050 and the 100-hour simple moving average. Additionally, a crucial bullish trend line is forming with support near $0.500 on the 4-hour chart of the XRP/USD pair.
The first resistance at the $0.5200 level, which might act as an initial barrier. The next key resistance level is around $0.5350, which is near the 50% Fib retracement level of the decline from the $0.5850 high to the $0.4810 low. If the price manages to break through this level, it may be able to hit the $0.5500 resistance level. Additional rises might take the price as high as $0.5850.
If Ripple fails to break through the resistance zone at $0.5350, it may continue to fall. The trend line and the $0.4980 level provide initial support on the downside. At $0.4800 is the next key support level. If there is a break to the downside and a closing below $0.4800, the price of XRP may fall lower. In such a case, the price might challenge the $0.4500 support level.
The market capitalization of XRP is presently estimated to be $26,390,396,214, according to Price Analysis. The 24-hour trading volume of the coin is around $1,049,011,023.
KEY LEVELS :
RESISTANCE LEVEL : $0.5150-$0.5300
SUPPORT LEVEL : $0.4900-$0.4800
XRP has formed a golden cross, indicating the arrival of bullish sentiment. The question on everyone's mind is whether the bulls will break through the bullish pennant and reach the $1 mark in the coming months. We would love to hear your thoughts on this matter, so please share them in the comments section below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
