XRP Price Set For a Surge: Breaking Through This Resistance May Trigger a Rally
The price of XRP is attempting to recover above the resistance zone at $0.4750. If it manages to settle above the $0.480 resistance, the price could experience bullish momentum.
- Despite struggling to gain momentum above the $0.4800 resistance, XRP price is currently trading above $0.4750 and the 100-hourly Simple Moving Average.
- On the hourly chart of XRP/USD pair, there was a break above the key contracting triangle with resistance at $0.4735.
- If the pair closes above the $0.480 resistance, it may gain bullish momentum.
XRP Price Recovers Yet Again
XRP price remained stable above the support level of $0.4620 and recently began a decent upward movement, following the footsteps of Bitcoin and Ethereum. The bulls pushed the price above $0.470, driving it into a short-term bullish zone.
Furthermore, on the hourly chart of XRP/USD pair, a key contracting triangle with resistance at $0.4735 was broken. The pair also cleared the $0.4750 resistance zone and the 100-hourly Simple Moving Average before consolidating losses at a high of $0.4796.
At present, the price is testing the 23.6% Fibonacci retracement level of the upward movement from the $0.4694 swing low to the $0.4796 high. It is currently trading above $0.4750 and the 100-hourly Simple Moving Average.
Resistance near the $0.4790 level is hindering further upward movement. The primary resistance lies at the $0.4800 level, with a major hurdle near $0.4825. If the price convincingly surpasses the $0.4825 resistance, it may head towards the $0.4880 resistance.
The subsequent significant resistance is located near the $0.5050 level. A close above the $0.5050 resistance zone could lead to further price increases towards $0.5250. Additional gains may even push the price towards the $0.5320 resistance.
Another Drop Looms?
In case XRP fails to clear the $0.480 resistance zone, it might experience another downward decline. Initial support on the downside is found near the $0.4745 level and the 50% Fibonacci retracement level of the upward move from the $0.4694 swing low to the $0.4796 high.
The next significant support lies at $0.4730 and the 100-hourly Simple Moving Average. If the price experiences a downside break and closes below the $0.4730 level, it may face further declines. In this scenario, the price might even dip below the $0.4640 support level in the near term.
Technical Indicators
The hourly MACD for XRP/USD is currently gaining momentum in the bullish zone.
The hourly RSI (Relative Strength Index) for XRP/USD is now above the 50 level.
Major Support Levels – $0.4745 and $0.4640.
Major Resistance Levels – $0.4800 and $0.4825.