- XRP price is attempting to recover above the $0.4700 resistance zone. The price could decline again if it fails to clear the $0.4825 resistance zone.
- XRP price is still struggling to gain pace for a move above the $0.4800 resistance zone.
- The price is now trading above $0.4720 and the 100-hourly Simple Moving Average.
- There was a break above a crucial bearish trend line with resistance at $0.4710 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might gain bullish momentum if there is a close above the $0.4825 resistance.
Discover the latest insights into XRP’s attempt to recover and the potential paths it may take depending on breaking key resistance zones.
XRP Price Recovery Attempt
Recently, XRP has initiated a recovery wave beyond the $0.4700 mark, following the footsteps of both Bitcoin and Ethereum. Bullish investors managed to lift the price above $0.4720, positioning XRP in a short-term bullish trajectory.
A significant bearish trend line was broken, with resistance observed at $0.4710 on the hourly chart of XRP/USD pair. Nevertheless, a formidable resistance looms near the $0.4770 mark, where a peak at $0.4769 was recorded before the price began to consolidate.
The price is currently testing the 23.6% Fib retracement level of its upward journey from the $0.4660 low to the $0.4769 high. XRP remains above $0.4720 and the 100-hourly Simple Moving Average, indicating a maintained bullish stance.
Resistance-wise, XRP faces challenges starting at $0.4770, with the primary resistance positioned around $0.4785. The most significant hurdle lies at $0.4825. A decisive move above this barrier could propel XRP towards the $0.4880 resistance level.
The subsequent major resistance level is at $0.5000. A close above this threshold could further elevate the price to potentially reach $0.5120, with continued gains possibly driving XRP towards $0.5250.
Potential Downside Risks
However, if XRP is unable to surpass the $0.4770 resistance zone, another decline may ensue. The first level of support on a downward trajectory is around the $0.4740 level, in alignment with the 100-hourly Simple Moving Average.
The next key support is at $0.4700. Should there be a breakdown and close below this support, XRP might experience continued declines. In such a scenario, the price could fall beneath the $0.4620 support in the near future.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently showing a decrease in bearish momentum.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now positioned above the 50 level, indicating a bullish trend.
Major Support Levels – $0.4700 and $0.4620.
Major Resistance Levels – $0.4770 and $0.4825.
Conclusion
In summary, XRP’s price is navigating through critical resistance and support levels, giving investors a mixed yet hopeful outlook. A sustained move above $0.4825 could usher in a bullish phase, while failure to clear resistance at $0.4770 might trigger further declines. Investors should remain cautious and monitor these key levels closely for actionable trading signals.
