💥💥💥 $XRP Price Recovery Encounters Hurdles: Will It Prevail?
XRP Price Update: Recovery Faces Key Resistance
- XRP has begun a recovery from the $0.4320 support level, climbing over 8% and approaching resistance near the $0.5120 zone.
Current Price Action
- XRP had previously traded below both the $0.500 and $0.4550 support levels. The price is currently below $0.5250 and the 100-hourly Simple Moving Average. A key bearish trend line is forming with resistance at $0.5120 on the hourly chart of the XRP/USD pair (data source: Kraken).
- To maintain the upward momentum, XRP needs to break through the $0.5150 resistance zone.
Recovery and Resistance Levels
- Following a decline below $0.500 and $0.4550, XRP tested the $0.4320 zone before initiating a recovery. The price has since moved above the $0.4550 and $0.480 levels, and surpassed the 50% Fib retracement level of the decline from the $0.5765 high to the $0.4320 low.
- Despite this recovery, XRP remains below $0.550 and the 100-hourly Simple Moving Average. The primary resistance lies at $0.5120 due to a bearish trend line. Further resistance is at the $0.540 level and the 100-hourly Simple Moving Average, which aligns with the 76.4% Fib retracement level of the downward move from $0.5765 to $0.4320.
- Additional resistance levels are at $0.550 and $0.5550. A move above $0.550 could push the price towards $0.5680, and possibly $0.580 or $0.5880 in the near term.
Potential Downside
- If XRP fails to overcome the $0.5120 resistance, it may face another decline. Initial support levels are near $0.4880 and $0.4750. A breakdown below $0.4750 could lead to further declines towards $0.4500, with the next major support at $0.4320.
Technical Indicators
- Hourly MACD: Gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index): Above the 50 level.
- Major Support Levels: $0.4880 and $0.4750
- Major Resistance Levels: $0.5120 and $0.5400
Source - newsbtc.com
