XRP price has initiated a robust recovery wave above $0.4850, signaling potential for further gains. The price has reclaimed the 100-hourly SMA and looks poised for more upside movement.
XRP Finds Strong Support, Eyes Higher Levels
After finding solid support at $0.4600, XRP began a promising recovery wave. The price is now trading comfortably above $0.4850 and the 100-hourly Simple Moving Average, suggesting strong bullish momentum. A key bearish trend line was breached with resistance at $0.4860 on the hourly chart of the XRP/USD pair (data source from Kraken), further reinforcing the positive outlook.
Momentum Builds as Bulls Target Higher Resistance Levels
XRP experienced a noteworthy move above the $0.4680 and $0.4720 resistance levels, and even spiked past the $0.5000 mark. A recent high was established at $0.5049, and while the price is currently correcting gains, it remains above the crucial $0.4850 support and the 100-hourly SMA. This positions XRP well for another upward push.
Immediate resistance is near the $0.4950 level, with the first key resistance at $0.4980. Breaking through these levels could propel the price to the $0.5050 mark. A close above this resistance zone would likely trigger further gains, with the next major target being $0.5250. Beyond that, XRP could steadily climb towards the $0.5320 resistance, with potential for a rally to $0.5500 if bullish momentum persists.
Optimism in Technical Indicators
The technical indicators support this optimistic outlook. The hourly MACD for XRP/USD is gaining pace in the bullish zone, while the hourly RSI (Relative Strength Index) is comfortably above the 50 level, indicating strong buying pressure.
Robust Support Levels
On the downside, initial support is robust at $0.4850, aligned with the 100-hourly Simple Moving Average. The next major support is at $0.4720. However, given the current bullish momentum, XRP is likely to maintain its position above these support levels and continue its upward trajectory.
In conclusion, XRP's recent recovery wave above $0.4850 and the breach of key resistance levels indicate a strong potential for further upside. With bullish technical indicators and solid support levels, XRP is well-positioned for continued gains, making it an exciting asset to watch in the near term.
