💥💥💥 Will $XRP Price Hold 100 SMA and Trigger a Fresh Increase?
XRP Price Update: Consolidation Above $0.5450 Resistance
XRP's recent surge propelled it past the critical $0.5450 resistance level, establishing a firm foothold. Presently, it maintains strength above $0.5250 and the 100-hourly Simple Moving Average (SMA), with a bullish trend line support at $0.5330.
Current Status and Outlook:
- Bullish Momentum: XRP exhibited strength after surpassing $0.520, echoing the positive sentiment seen in #bitcoin and #Ethereum .
- Recent High: It peaked at $0.5571 before undergoing a corrective phase.
- Support and Resistance: Immediate support lies at $0.5330, with key resistance at $0.5450. A breakout could lead to further gains towards $0.5570 and beyond.
Potential Downsides:
- Support Levels: Below $0.5330, additional support is found near $0.5250 and $0.5185.
- Critical Support: A breach below $0.5185 might intensify selling pressure, targeting the $0.5065 support level.
Technical Indicators:
- MACD: Exhibiting signs of deceleration in the bullish zone.
- RSI: Currently below 50, signaling a temporary shift in momentum.
Key Points:
- Strength Above $0.5450: XRP maintains resilience above the crucial resistance level, with potential for further upside momentum.
- Critical Support and Resistance: $0.5330 and $0.5450 serve as pivotal levels to monitor for directional cues.
Conclusion:
XRP's price action reflects a consolidation phase following its breakout above $0.5450. Traders are advised to closely monitor support and resistance levels for potential trading opportunities.
Source - newsbtc.com
