XRP Price At Make-Or-Break Moment, Key Levels To Watch

Feb 7, 2024 06:01 am Cryptocurrency 96

XRP price is struggling to clear the $0.520 resistance. The price could gain bearish momentum if there is a close below the $0.4850 support.

XRP is showing bearish signs below the $0.520 and $0.508 resistance levels.

The price is now trading below $0.520 and the 100 simple moving average (4 hours).

There is a connecting bearish trend line forming with resistance near $0.5120 on the 4-hour chart of the XRP/USD pair (data source from Kraken).

The pair is now at risk of more downsides below the $0.5000 support zone.

XRP Price Faces Many Hurdles

In the past few days, XRP price saw a downside reaction below the $0.550 pivot level. The bears remained active and were able to push the price below the $0.500 support zone.

Recently, there was a recovery wave above the $0.500 level. The bulls pushed the price above the 50% Fib retracement level of the downward wave from the $0.5390 swing high to the $0.4850 low. However, the bears were active near the $0.525 resistance.

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