Below $0.550 about the US dollar, Ripple’s token price is displaying bearish indicators. If the price of XRP trades below $0.500, another slide can begin.
Market per day
Morning summary with the change of TOP-6 coins. Below are market indicators, by clicking on which you can learn more about them.
Bitcoin – $23,902 (-2.8%)
Ethereum – $1,866 (-3.6%)
BNB – $316 (-1.2%)
Cardano – $0.550 (-2.2%)
XRP – $0.370 (-2.2%)
— CryptoHead (@CryptoHead) August 16, 2022
About the US dollar, Ripple’s token price is battling to rise over $0.540 and $0.550.
The price is currently trading below $0.550 and the 4-hour 100 SMA.
On the 4-hour chart of the XRP/USD pair (data source from Kraken), there is a significant bearish trend line forming with resistance close to $0.540.
If the price breaks through $0.500, the pair may begin another drop.
Ripple’s Token Price Eyes Fresh Increase
Ripple’s XRP began a comeback wave against the US dollar after a steep drop to $0.40. Similar to Bitcoin and Ethereum, the price rose above the $0.48 and $0.50 barrier levels.
Ripple Eyes Retreat After Record Price Highs Ripple's XRP token may have found a short-term top and there's potential for a sustained pullback in prices, price charts suggest.
— Take Over Marketing (@takeovermktg) March 1, 2018
The $0.520 resistance was also broken by the price. The crucial drop from the $0.6655 swing high to the $0.3995 low was retraced by 50% of the price, and then there was a rise above that level. Near $0.550, the bulls now have a difficult challenge ahead of them.
The trend line and the $0.540 region serve as the first areas of resistance on the upward side. The area around $0.550, or the 61.8% Fib retracement level of the crucial decline from the $0.6655 swing high to the $0.3995 low, represents the next significant barrier. The price could move in the direction of the $0.60 resistance with a successful break over the $0.550 resistance level. If advances continue, the $0.625 resistance level may need to be tested.
Another Drop in XRP?
Ripple may begin another slide if it is unable to overcome the $0.550 resistance region. The $0.505 region provides initial support on the downside.
If you followed my last analysis about my expectations for HLN price you are in for another "Number Party".
What will happen if the price of HLN is too high or too low after the initial drop?
Would it be better to chase ExFi or HLN for monthly airdrops?
Here is your answer..1/2 pic.twitter.com/6h1HOiMm8r
— MJ_xToadz (@mj_cro_xrp) August 20, 2023
At $0.500, there is a significant support next. The price of XRP may continue to decline if there is a downward break and a closure below the $0.500 mark. In the aforementioned scenario, the price may revisit the $0.435 support region.