🔥🔥🔥 $XRP Price Shows Signs of Recovery Within Range: Can it Spark a Rally?
XRP's price is showing signs of a potential breakout above the $0.5050 resistance level, aiming for further gains beyond $0.520.
The #cryptocurrency is striving for a steady climb past the $0.520 mark and has already breached $0.5120, maintaining its position above the 100-hourly Simple Moving Average.
A significant development includes the break of a short-term declining channel, noted at $0.5025, on the hourly chart of the XRP/USD pair sourced from Kraken.
Should XRP successfully surpass the $0.520 resistance, it may pave the way for another upward movement. Yesterday, the coin embarked on a recovery trajectory, surmounting hurdles at $0.4950 and $0.50.
After surpassing the $0.5150 resistance level, XRP peaked at $0.5195, consolidating its gains above the 23.6% Fib retracement level from the $0.4980 swing low to the $0.5195 high. Currently, it's trading above $0.5120 and the 100-hourly Simple Moving Average.
The immediate hurdle stands near $0.5185, followed by a key resistance at $0.5200. A breakthrough beyond this zone could fuel further momentum, with the next significant resistance looming around $0.5220. Sustained bullish action above this level might propel XRP towards the $0.5350 resistance and potentially even the $0.550 mark.
However, failing to breach the $0.520 resistance could initiate another downward trend. Initial support is anticipated near $0.5145, followed by a crucial level at $0.5120.
A downside break below $0.5120 could prompt accelerated selling pressure, potentially dipping below the $0.5050 support zone or the 61.8% Fib retracement level from the recent upward swing.
Analyzing technical indicators, the hourly MACD for XRP/USD is showing signs of deceleration in the bullish zone, while the hourly RSI (Relative Strength Index) is currently above the 50 level.
Key support levels to watch are $0.5120 and $0.5050, while major resistance levels stand at $0.5200 and $0.5220.
Source - newsbtc.com
