XRP Approaches Make-Or-Break Level Near $0.47: Analysis

XRP approaches make-or-break level near $0.47 which serves as a key support level after it struggled to settle above $0.5000 and declined against the US dollar. XRP has to stay above the $0.4800 level and the $0.4750 to avoid more downside breaks as we can see in today’s Ripple XRP news.

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500 zone and the 100 simple moving average with a crucial bearish trend line forming close to the resistance at $0.5370 on the 4-hour charts of the pair that slowly moved towards the support of $0.4800 and $0.4750. Over the past few days, Ripple’s XRP price made a few attempts to gain more momentum above $0.600 but it failed and there were quite a bit of failures noted near these levels and the 100 simple moving average. XRP approaches a new level and  is now declining and trading well below the $0.5200 pivot level with the last swing high nearing $0.5939 before the drop of $0.5000. A new low is formed near $0.4800 and the price consolidated the losses.

There was a fresh increase in BTC and ETH but upsides were stopped above $0.5200 with a break above the 23.6% fib retracement level from the downward movement from the $0.5939 high to the $0.4802 swing low. On the upside, the first major resistance is nearing the $0.5200 level with the next major resistance nearing the $0.5380 level with a bearish trend line forming nearby on the 4-hour charts.

The trendline is now getting close to the 50% fib retracement level from the downward movement from the $0.5939 high to the $0.4802 swing low. Closing above $0.5200 could open the doors for more increases in the upcoming days with the next major resistance nearing the $0.600 level. If ripple fails to correct above $0.5200, there are dangers of more drops down as well with the first major support nearing the $0.4800 level. A downside break below the $0.4750 level will spark another drop below $0.4500 support so the price will even likely drop to $0.4200 support.

The 4-hour MACD for the pair is gaining momentum in the bearish zone while the 4-hour RSI is well below the 40 levels. The major support levels include $0.4800 and $0.4750 and the major resistance levels include $0.5200 and $0.5380. As recently reported, XRP is set to become the worst-performing bigger altcoin after the airdrop hype since it initially gained massive momentum when it broke the $0.30. Later, the bulls sent the price rocketing as high as $0.90 on some exchanges but shortly after there was a selling pressure that pushed the coin lower.