XRP Price Shows Promising Signs of Recovery, Holding Above Key Resistance Levels
XRP has shown indications of a potential recovery as its price attempts to break above the $0.5050 resistance level. If the price manages to clear the $0.520 resistance, it could gain bullish momentum and spark a rally.
Currently, XRP is trading above $0.5120 and the 100-hourly Simple Moving Average, which is a positive sign. Additionally, there was a break above a short-term declining channel with resistance at $0.5025 on the hourly chart of the XRP/USD pair, sourced from Kraken.
The next key level to watch is $0.5200. A close above this resistance zone could lead to further price increases. Following that, the $0.5220 and $0.5350 resistance levels are important hurdles to overcome. If the bullish momentum continues, XRP could even reach the $0.550 resistance level.
However, if XRP fails to clear the $0.520 resistance, it may experience another decline. The immediate support on the downside is near the $0.5145 level, followed by a major support at $0.5120.
If the price breaks below $0.5120 and closes below it, the downward pressure could intensify. In this scenario, XRP might drop below the $0.5050 support zone and even the 61.8% Fib retracement level of the upward move from the $0.4980 swing low to the $0.5195 high.
Technical indicators show that the MACD for XRP/USD is losing pace in the bullish zone, while the RSI is now above the 50 level.
Key support levels for XRP are at $0.5120 and $0.5050, while major resistance levels are at $0.5200 and $0.5220.
Overall, XRP’s price is showing signs of recovery and if it continues to hold above key resistance levels, it could potentially spark a rally in the near future.