The price of XRP has begun a rebound, surpassing the $0.4880 barrier. If it manages to break through the $0.5220 resistance level, it could potentially gain more strength.
- XRP price started a decent recovery wave above the $0.4750 and $0.4880 levels.
The price is now trading below $0.5220 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $0.5040 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to recover higher if it clears the $0.5220 resistance zone.
XRP Price Regains Strength
The cost of XRP established a support level above $0.4320, then it began to rebound in a manner similar to Ethereum and Bitcoin. This upward trend allowed the price to exceed the resistance at $0.4750 and $0.4880.
1. Moving higher, the XRP/USD pair surpassed the 50% Fibonacci retracement level in its downward swing from $0.5767 peak to $0.4320 trough. Additionally, it broke through a significant bearish trend line with resistance at $0.5040 on the hourly chart.
Despite attempts to rise, the price is encountering obstacles around the $0.5200 area and remains below it, as well as the 100-hour Simple Moving Average. On the other hand, significant resistance can be found near the $0.5220 level, which coincides with the 100-hour Simple Moving Average, and the 61.8% Fibonacci retracement level of the downward move from $0.5767 peak to $0.4320 low.
Initially, a significant obstacle lies around $0.5420. If we surpass this, the next potential barrier could be at $0.5750. Overcoming the $0.5750 hurdle may push the price further to encounter the resistance at $0.5840. Beyond that, a significant challenge is anticipated near $0.5920. If the upward trend continues, it might propel the price towards the $0.600 resistance or potentially even reach $0.6120 in the immediate future.
Another Drop?
Should XRP struggle to surpass the $0.5220 barrier, it may initiate another drop. A potential floor in this scenario could be around $0.4980. The following significant support lies at $0.4880.
As an analyst, if the price experiences a drop and falls below the $0.4880 mark, I anticipate that it could potentially trend lower towards the nearby $0.4660 support level in the short term. The next significant support lies at $0.4500.
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 – $0.4980 and $0.4880.
Major Resistance Levels – $0.5220 and $0.5420.
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2024-08-07 07:53