XRP Price Anticipates Breakout: Can it Surpass Resistance Levels?
With XRP price showing signs of recovery, it has surpassed the $0.4880 resistance level. The question now is whether it can gather enough bullish momentum to clear the $0.5220 resistance.
- XRP price has experienced a decent recovery above the $0.4750 and $0.4880 levels.
- However, it is currently trading below the $0.5220 level and the 100-hourly Simple Moving Average.
- A key bearish trend line at $0.5040 was broken, signaling a positive development for the XRP/USD pair on the hourly chart (data source from Kraken).
- If the pair manages to break the $0.5220 resistance zone, it could continue its upward trajectory.
XRP Price Gains Momentum
XRP’s price found support above $0.4320 and began a recovery process, similar to Ethereum and Bitcoin. It climbed above the resistance levels at $0.4750 and $0.4880.
The upward move also involved a breach of the 50% Fibonacci retracement level, resulting in a break of a significant bearish trend line at $0.5040 on the XRP/USD hourly chart.
Nevertheless, the $0.5200 zone poses hurdles for the price, which is still trading below the $0.520 level and the 100-hourly Simple Moving Average. On the upside, the $0.5220 level and the 100-hourly Simple Moving Average stand as obstacles. The price is near the 61.8% Fibonacci retracement level of the downward move from the $0.5767 swing high to the $0.4320 low.
The initial major resistance lies close to the $0.5420 level, with the next key resistance resting at $0.5750. If the price clears the $0.5750 resistance, it could advance towards $0.5840. Subsequently, the next significant resistance comes at the $0.5920 level. Further gains might propel the price to the $0.600 or even $0.6120 resistance in the near term.
A Possible Downturn?
If the $0.5220 resistance zone remains unbroken, XRP could experience another decline. The first support on the downside sits around the $0.4980 level, followed by the major support level at $0.4880.
Should the price break below the $0.4880 level and close lower, it might continue to decline towards the $0.4660 support level in the near future. The subsequent significant support awaits at $0.4500.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.4980 and $0.4880.
Major Resistance Levels – $0.5220 and $0.5420.