As a seasoned crypto investor with years of experience, I see the XRP price showing positive signs above the critical support zone at $0.4250. The recent recovery wave is promising, especially as the price has climbed above both the $0.4320 mark and the 100-hourly Simple Moving Average.
The current price of XRP exhibits promising trends, hovering above the $0.4250 support threshold. A significant surge in buying pressure may occur if the asset manages to surmount the resistance barriers at $0.4450 and $0.450.
- XRP price is attempting a recovery wave above the $0.4250 zone.
The price is now trading above $0.4320 and the 100-hourly Simple Moving Average.
There is a key rising channel forming with support at $0.4350 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might gain bullish pace if it clears the $0.4450 and $0.450 resistance levels.
XRP Price Eyes Upside Break
XRP’s price stayed upbeat, surpassing the $0.4150 mark and continuing its upward trend, similar to Bitcoin and Ethereum. The price broke past the hurdles at $0.4250 and $0.4320.
As a crypto investor, I’ve noticed that the price managed to surpass the $0.440 mark but failed to break through the resistance at $0.4450. A new peak was reached at $0.4430 and currently, the price action is showing signs of consolidation. It’s important to mention that the trading activity is taking place above the 23.6% Fibonacci retracement level, which indicates an upward trend from the swing low at $0.4204 to the high at $0.4430.
As a researcher analyzing the XRP/USD pair’s hourly chart, I’ve observed that the price has surpassed the $0.4320 mark and lies above the 100-hour Simple Moving Average. Additionally, there appears to be an emerging rising channel with a support level at $0.4350.
The price is currently encountering resistance around the $0.4450 mark. The first significant obstacle for further growth lies at $0.4500. Should the price overcome this hurdle, it may advance towards the next resistance level at $0.4550. If the price manages to break through this barrier, it could potentially reach the resistance at $0.4680. The subsequent major resistance is located near $0.4720. Any additional gains might propel the price in the direction of the resistance at $0.480.
Fresh Decline?
if XRP is unable to surpass the $0.4450 resistance mark, there’s a possibility of another price drop. The first support lies around $0.4350 and the downward trendline.
If we look ahead, the next significant resistance lies at $0.4310, which also marks the 50% Fibonacci retracement point of the recent uptrend from $0.4204 swing low to $0.4430 high. Should the price fall below this level and close beneath it, we could anticipate further declines towards the near-term support at $0.420.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.4310 and $0.4200.
Major Resistance Levels – $0.4450 and $0.4500.
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2024-07-11 07:34