Latest

XRP Price Set For Comeback: Breaking This Resistance Could Trigger Recovery

XRP Price Poised for Rebound: Breaking Through Key Resistance Could Signal Recovery

XRP price is consolidating above the crucial $0.420 support level. An upward trend could be on the horizon if the price manages to surpass the resistance levels at $0.440 and $0.4450.

  • XRP price is currently attempting to recover above the $0.4220 zone.
  • The price has risen above $0.430 and is trading above the 100-hourly Simple Moving Average.
  • A short-term contracting triangle is forming with resistance at $0.4370 on the XRP/USD hourly chart (data source from Kraken).
  • If the pair successfully clears the $0.440 and $0.450 resistance levels, it could embark on a decent upward movement.

XRP Price Sets Its Sights Higher

XRP price has established a base above the $0.4050 level and has recently initiated a recovery wave similar to Bitcoin and Ethereum. The price successfully climbed above the resistance levels at $0.420 and $0.4250.

The bulls managed to push the price above the 61.8% Fibonacci retracement level of the downward move from the $0.4500 swing high to the $0.4035 low. However, the bears are demonstrating significant activity near the $0.4380 and $0.440 levels. Additionally, a short-term contracting triangle is forming with resistance at $0.4370 on the XRP/USD hourly chart.

The pair is presently trading above $0.4270 and the 100-hourly Simple Moving Average. However, the price is encountering resistance near the $0.4370 level.

The initial major resistance lies around the $0.4400 level or the 76.4% Fibonacci retracement level of the downward move from the $0.4500 swing high to the $0.4035 low. The subsequent key resistance could potentially be $0.450. A successful breakthrough of the $0.450 resistance may result in the price aiming for the $0.4720 resistance. The next significant resistance point is near $0.480. Further gains could propel the price toward the $0.4880 resistance level.

Another Potential Drop?

If XRP fails to overcome the $0.440 resistance zone, it might experience another decline. The initial support on the downside can be found near the $0.4320 level.

The subsequent major support level is at $0.420. If the price breaks below $0.420 and closes below this level, it could continue to drop towards the $0.4050 support in the near future.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently showing a weakening pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.4200 and $0.4050.

Major Resistance Levels – $0.4400 and $0.4500.