THE SUMMIT IS NOW MUCH CLOSER! HAS THE WAITED MOMENT COME FOR XRP? RESISTANCE…
XRP's Rise: Can It Hold Above the 100 Hourly SMA?
The price of XRP surpassed the $0.5450 resistance, leaving behind an important psychological threshold.
Whether it can stay above the 100-hour Simple Moving Average (SMA) is a matter of great curiosity.
$XRP broke the $0.5450 resistance and the price is now trading above $0.5250 and the 100 hourly SMA. A bullish trend line is forming with support at $0.5330 on the hourly chart of XRP/USD. After correcting its gains, the pair could move higher without closing below the 100 hourly SMA.
Like $BTC and $ETH , XRP also maintained its position in the market by closing above $0.520. It continued its rise by breaking through the $0.5320 and $0.5450 resistances and the price climbed above $0.550.
After reaching a weekly high of $0.5571, the price started correcting. The price settled below $0.5450 and settled below the 23.6% Fibonacci retracement level of the ascending wave from the $0.5065 swing low to $0.5571 high.
The price is now above $0.530 and the 100 hourly SMA. A bullish trend line has formed on the hourly chart of XRP/USD with support near $0.5330.
The first resistance point is located at approximately $0.5380. Initial resistance is around $0.5450. A close above the $0.5450 resistance could increase prices. The next resistance level is at approximately $0.5570.
It is possible for XRP to continue its decline without breaking the $0.5450 barrier zone. The trend line and $0.5330 provide initial downside support. This is around the 50% Fibonacci retracement level of the ascending wave from the $0.5065 swing low to $0.5571 high.
The next important support level is at $0.5250. The main support is at approximately $0.5185. If the price declines and closes below $0.5185, it could accelerate to the downside. In this case, the price drops to $0.5065 in a short time.
