The price of XRP is rebounding above the $0.500 barrier, indicating a favorable trend. It could potentially surge past the resistance levels at $0.580 and $0.600.
- XRP is attempting a recovery wave above the $0.50 zone.
The price is now trading above $0.5150 and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $0.5220 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if there is a close above the $0.580 resistance.
XRP Price Aims Higher
Following a significant drop, XRP‘s price stabilized around the $0.3880 mark. After establishing a foundation, it surged past the $0.450 barrier, similar to Bitcoin and Ethereum. The bullish momentum carried on, allowing the price to surpass the $0.50 resistance level.
The price of XRP/USD surpassed the 50% mark in the Fibonacci retracement scale, which is a level of potential support after a downward move, ranging from $0.6420 peak to $0.3875 trough. Additionally, there was a notable breakthrough above the significant bearish trendline at $0.5220 on the XRP/USD 4-hour chart.
Currently, the price is hovering above $0.5150 and the 4-hour 100 simple moving average. The price may encounter resistance around $0.5650 in the near term. Further up, there’s a significant resistance at $0.5820 or the 76.4% Fibonacci retracement level of the price drop from its peak at $0.6420 to its low at $0.3875.
If the price breaks above the $0.5820 resistance, it could lead to a significant price surge. The next major resistance lies around $0.620. Should the bulls continue to push the price above this barrier, there is potential for further growth towards the $0.680 resistance. Any additional gains might propel the price upwards towards the $0.700 resistance.
Another Drop?
If XRP is unable to surpass the $0.5820 resistance point, there’s a risk of another price drop. The bottom support for XRP can be found around $0.540.
If the price reaches the next significant support at $0.5150, but falls below this level and closes at a lower price, it may lead to a faster decline. In such an event, the price might revisit the $0.4650 support area.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.540, $0.5150, and $0.4650.
Major Resistance Levels – $0.5650, $0.5820, and $0.6200.
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2024-04-24 08:10