The price of XRP has begun a recovery wave, moving above the $0.4880 resistance level. There is potential for a bullish momentum if the price manages to clear the $0.5220 resistance.
XRP Price Recovery
XRP has initiated a decent recovery wave, surpassing the $0.4750 and $0.4880 levels. However, it is currently trading below $0.5220 and the 100-hourly Simple Moving Average. The recent price movement included a break above a key bearish trend line with resistance at $0.5040 on the hourly chart of the XRP/USD pair (data source from Kraken). If XRP can clear the $0.5220 resistance zone, the recovery could continue.
XRP Price Regains Strength
After forming a base above $0.4320, XRP started a recovery wave, similar to the movements seen in Ethereum and Bitcoin. It successfully moved past the $0.4750 and $0.4880 resistance levels. Additionally, XRP surpassed the 50% Fibonacci retracement level of the downward move from the $0.5767 swing high to the $0.4320 low, and broke above a key bearish trend line with resistance at $0.5040.
Despite these gains, XRP faces challenges near the $0.5200 zone. It remains below the $0.520 level and the 100-hourly Simple Moving Average. On the upside, resistance is seen near the $0.5220 level, which is also close to the 61.8% Fibonacci retracement level of the downward move from the $0.5767 high to the $0.4320 low.
The first major resistance is at $0.5420, with the next key resistance at $0.5750. A clear move above $0.5750 might propel the price toward $0.5840, followed by resistance near $0.5920. Further gains could push XRP to $0.600 or even $0.6120 in the near term.
Potential for Another Drop
If XRP fails to clear the $0.5220 resistance zone, it could experience another decline. The initial support on the downside is near $0.4980, with the next major support at $0.4880. A downside break and close below $0.4880 could lead to further declines toward the $0.4660 support in the near term, with the next major support at $0.4500.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is now above the 50 level.
Key Levels
Major Support Levels: $0.4980 and $0.4880.
Major Resistance Levels: $0.5220 and $0.5420.
As XRP eyes a breakout, traders will be watching these key levels closely to determine if the price can surge past the resistance and continue its recovery.
Notice:
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