Ripple has failed to break over the $0.550 resistance level versus the USD. The price of XRP is now falling and may fall further, comparable to Bitcoin’s price.
XRP Price Starts A Steady Decline
During the week, the value of XRP began a steady ascent from the $0.45 support area. There was a distinct movement over the resistance points of $0.505 and $0.480.
XRP/USD Price Chart. Source: TradingView.com
The price broke through the barrier level of $0.520, performing better than BTC and ETH. Despite this, the bulls could not break through the crucial $0.550 resistance zone yet again.
Additionally, the token established a new high close to $0.548. Afterward, the price immediately began a downward trend.
The price of XRP dropped to a level lower than the $0.52 and $0.50 levels of support. The price moved down below the 50% Fibonacci retracement point of the upward trend that began at the swing low of $0.4417 and reached a high of $0.5486.
Looking at the XRP/USD pair’s 4-hour chart, there was a breach below a significant bullish long-term trend with support at $0.4940. This trend line had been providing support earlier in the day.
XRP Has To Surpass Resistance At $0.50
The price is now selling at a level that is lower than $0.500, as well as the 100 SMA. Besides, XRP’s price is encountering opposition close to the $0.4825 level whenever it attempts to go higher.
The first significant barrier is located close to the $0.500 zone. A successful break over the $0.50 and $0.505 resistance levels could spark another rally.
Furthermore, the next critical level of resistance is close to the $0.520 level. If the bulls successfully break through this level, they will likely seek a revisit of the $0.55 barrier.
However, XRP may continue its downward trend if it cannot begin a new climb over the level of $0.50. If it dips, the next support is at the $0.465 level
It is now located close to the 61.8% Fib retracement level. This level began at the swing low of $0.4417 and reached an all-time high of $0.5486.
Meanwhile, it is possible that XRP’s price may begin a significant decrease if there is a break to the downside and a closing below the $0.465 level.
In this scenario, the price will likely fall toward the $0.42 support. By press time, the token was trading at $0.4583, down by 6.20% in the past 24 hours.