#XRP #Cryptocurrency #CryptoTrading #BearishTrend #XRPAnalysis #Ripple #XRPPrice #CryptoForecast
The cryptocurrency XRP has been exhibiting certain bearish signs lately, with the price showing signs of struggling to rise above the resistance levels of $0.525 and $0.550. In fact, trading figures indicate that the value of XRP is underneath the $0.525 benchmark and the 100 simple moving average (observed on a 4-hour scale). Present data form Kraken illustrates the formation of a connecting bearish trend line with a resistance close to $0.520 on the four hourly chart of the XRP/USD pair. A significant increase may only occur if the resistance levels of $0.520 and $0.525 are broken through.
Over recent days, the XRP price experienced a drop below the $0.550 support, pushing into a short-term bearish zone under $0.525, similar to patterns seen with Bitcoin and Ethereum. The price also dipped below the $0.500 support briefly, with a low forming close to $0.4961 followed by consolidation of losses. Currently, it hovers above the $0.500 level and gives signs of a minor recovery wave, while trading under $0.525 and the 100 simple moving average (4 hours). Immediate resistance is close to the $0.520 zone, with a connecting bearish trend line also forming at this resistance level on the XRP/USD pair’s 4-hour chart.
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