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Ripple’s token value is exhibiting bearish indicators beneath $0.550 towards the US Dollar. XRP value may begin one other decline if it trades beneath $0.500.

• Ripple’s token value is struggling to recuperate above $0.540 and $0.550 towards the US greenback.
• The value is now buying and selling beneath $0.550 and the 100 easy transferring common (4 hours).
• There is a significant bearish pattern line forming with resistance close to $0.540 on the 4-hour chart of the XRP/USD pair (information supply from Kraken).
• The pair may begin one other decline if there’s a break beneath $0.500.

Ripple’s Token Price Eyes Fresh Increase

After a pointy decline to $0.40, Ripple’s XRP began a restoration wave towards the US Dollar. The value recovered above the $0.48 and $0.50 resistance ranges, like Bitcoin and Ethereum.

The value was in a position to surpass the $0.520 resistance as effectively. Finally, there was a spike above the 50% Fib retracement stage of the important thing drop from the $0.6655 swing excessive to the $0.3995 low. The bulls at the moment are going through an uphill job close to $0.550.

XRP continues to be buying and selling beneath $0.540 and the 100 easy transferring common (4 hours). There can also be a significant bearish pattern line forming with resistance close to $0.540 on the 4-hour chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

Initial resistance on the upside is close to the $0.540 zone and the pattern line. The subsequent main resistance is close to the $0.550 stage or the 61.8% Fib retracement stage of the important thing drop from the $0.6655 swing excessive to the $0.3995 low. A profitable break above the $0.550 resistance stage may ship the value towards the $0.60 resistance. Any extra beneficial properties may name for a check of the $0.625 resistance.

Another Drop in XRP?

If ripple fails to clear the $0.550 resistance zone, it may begin one other decline. Initial assist on the draw back is close to the $0.505 zone.

The subsequent main assist is at $0.500. If there’s a draw back break and an in depth beneath the $0.500 stage, XRP’s value may lengthen losses. In the said case, the value may retest the $0.435 assist zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now dropping tempo within the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 stage.

Major Support Levels – $0.505, $0.500, and $0.435.

Major Resistance Levels – $0.540, $0.550, and $0.600.