XRP Price Shows Signs of Recovery Within Range: Can it Spark a Rally?
16 Mai 2024 - 6:58AM
NEWSBTC
XRP price is attempting a fresh increase above the $0.5050
resistance. The price could gain bullish momentum if it clears the
$0.520 resistance. XRP is eyeing a steady move above the $0.520
level. The price is now trading above $0.5120 and the 100-hourly
Simple Moving Average. There was a break above a short-term
declining channel with resistance at $0.5025 on the hourly chart of
the XRP/USD pair (data source from Kraken). The pair could start
another increase if there is a close above the $0.520 resistance.
XRP Price Eyes Breakout Yesterday, we saw how XRP price started a
recovery wave, like Bitcoin and Ethereum. The price was able to
settle above the $0.4950 and $0.50 resistance levels. There was a
break above a short-term declining channel with resistance at
$0.5025 on the hourly chart of the XRP/USD pair. The pair even
cleared the $0.5150 resistance level and settled above the
100-hourly Simple Moving Average. It traded as high as $0.5195 and
is currently consolidating gains above the 23.6% Fib retracement
level of the upward move from the $0.4980 swing low to the $0.5195
high. The price is also trading above $0.5120 and the 100-hourly
Simple Moving Average. Immediate resistance is near the $0.5185
level. The first key resistance is near $0.5200. A close above the
$0.5200 resistance zone could send the price higher. The next key
resistance is near $0.5220. If the bulls remain in action above the
$0.5220 resistance level, there could be a rally toward the $0.5350
resistance. Any more gains might send the price toward the $0.550
resistance. Another Decline? If XRP fails to clear the $0.520
resistance zone, it could start another decline. Initial support on
the downside is near the $0.5145 level. The next major support is
at $0.5120. If there is a downside break and a close below the
$0.5120 level, the price might accelerate lower. In the stated
case, the price could even drop below the $0.5050 support zone or
the 61.8% Fib retracement level of the upward move from the $0.4980
swing low to the $0.5195 high. Technical Indicators Hourly MACD –
The MACD for XRP/USD is now losing pace in the bullish zone. Hourly
RSI (Relative Strength Index) – The RSI for XRP/USD is now above
the 50 level. Major Support Levels – $0.5120 and $0.5050. Major
Resistance Levels – $0.5200 and $0.5220.
Ripple (COIN:XRPUSD)
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