Ethereum

bullish

Resistance

XRP price started a recovery wave from the $0.4320 support. The price is up over 8% and now faces hurdles near the $0.5120 zone. 
<ul> 
 <li>XRP price traded below the $0.500 and $0.4550 support levels.</li> 
 <li>The price is now trading below $0.5250 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance at $0.5120 on the hourly chart of the XRP/USD pair (data source from Kraken).</li> 
 <li>The pair could continue to recover higher if it clears the $0.5150 resistance zone.</li> 
</ul> 
<h2 id="xrp-price-starts-recovery-wave">XRP Price Starts Recovery Wave</h2> 
XRP price extended losses below the $0.500 support like <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-crashes-2000/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-53k/" target="_blank" rel="noopener ">Bitcoin</a>. The bears even pushed the price below the $0.4550 support zone. 
The price tested the $0.4320 zone. A low was formed at $0.4320 and the price recently started a recovery wave. There was a move above the $0.4550 and $0.480 resistance levels. The price climbed above the 50% Fib retracement level of the downward wave from the $0.5765 swing high to the $0.4320 low. 
The price is still trading below $0.550 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $0.5120 on the hourly chart of the XRP/USD pair. 
The bulls are now facing a major hurdle near the trend line and $0.5150. The first major resistance is near the $0.540 level and the 100-hourly Simple Moving Average. It is close to the 76.4% Fib retracement level of the downward wave from the $0.5765 swing high to the $0.4320 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_da00a4.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-633345 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_da00a4.png?resize=1024%2C461" alt="XRP Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_da00a4.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_da00a4.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_da00a4.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_da00a4.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_da00a4.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_da00a4.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_da00a4.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance could be $0.550. A clear move above the $0.550 resistance might send the price toward the $0.5550 resistance. The next major resistance is near the $0.5680 level. Any more gains might send the price toward the $0.580 resistance or even $0.5880 in the near term. 
<h2 id="another-decline">Another Decline?</h2> 
If XRP fails to clear the $0.5120 resistance zone, it could start another decline. Initial support on the downside is near the $0.4880 level. The next major support is at $0.4750. 
If there is a downside break and a close below the $0.4750 level, the price might continue to decline toward the $0.4500 support in the near term. The next major support sits at $0.4320. 
Technical Indicators 
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. 
Major Support Levels – $0.4880 and $0.4750. 
Major Resistance Levels – $0.5120 and $0.5400.

XRP Price Recovery Encounters Hurdles: Will It Prevail?

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