💥💥💥 #Xrp🔥🔥 Price Slips But Will The 100-SMA Ignite A Comeback?
XRP Price Targets Upside Break Above Key Resistance Levels
- $XRP is positioning itself for a potential move above the $0.5420 resistance zone, trading above $0.5320 and the 100-hour Simple Moving Average. However, the price recently dipped below a key bullish trend line with support at $0.540 on the hourly chart, and it needs to clear key resistance levels to gain bullish momentum.
XRP Price Looks for Upside Break
- XRP started a recovery above the $0.5220 level, similar to Bitcoin and Ethereum, and managed to surpass the $0.5250 and $0.5320 resistance levels. The price spiked toward $0.5420 but faced selling pressure, forming a top near $0.5426 before correcting lower.
- The price dropped below the 23.6% Fibonacci retracement level of the upward move from the $0.5021 swing low to the $0.5426 high. It also broke below a bullish trend line with support at $0.540. XRP is currently holding above $0.5320 and the 100-hour Simple Moving Average.
Key Resistance Levels
- On the upside, XRP faces resistance near $0.540, with the first major hurdle at $0.5420. A successful break above $0.5420 could lead to a challenge of the $0.5450 resistance level. A clear move above $0.5450 might propel XRP toward $0.5550, with the next significant resistance at $0.5720. Further gains could see the price test $0.5950 or even $0.600 in the near term.
Downside Risks
- If XRP can't break the $0.540 resistance, it may decline. Support is at $0.5320 and the 100-hour SMA, with major support at $0.5225, near the 50% Fibonacci retracement of the $0.5021 to $0.5426 move.
- A break below $0.5225 could push the price toward $0.5110, with the next major support at $0.5020.
Technical Indicators
- Hourly #MACD : Losing momentum in the bullish zone.
- Hourly RSI: Currently below the 50 level, signaling some weakness.
- Major Support Levels: $0.5320, $0.5225
- Major Resistance Levels: $0.5400, $0.5420
Source - newsbtc.com
