Can XRP Price Recover? Analyzing the Potential for a Rebound
June 03 2024 - 11:08PM
NEWSBTC
XRP price is slowly moving higher from the $0.5080 zone. It could
gain bullish momentum if there is a move above the $0.5250
resistance zone. XRP is attempting a fresh increase above the
$0.5120 zone. The price is now trading above $0.5150 and the
100-hourly Simple Moving Average. There was a break above a key
bearish trend line with resistance near $0.5160 on the hourly chart
of the XRP/USD pair (data source from Kraken). The pair could start
a decent increase if there is a clear move above $0.5250. XRP Price
Eyes Recovery XRP price extended losses below the $0.5120 level
like Bitcoin and Ethereum. The price tested the $0.5080 zone and
recently started a decent recovery wave. The price was able to
clear the $0.5120 and $0.5150 resistance levels. There was a break
above a key bearish trend line with resistance near $0.5160 on the
hourly chart of the XRP/USD pair. The pair cleared the 23.6% Fib
retracement level of the downward move from the $0.5400 swing high
to the $0.5080 low. The price is now trading above $0.5150 and the
100-hourly Simple Moving Average. On the upside, the price is
facing resistance near the $0.5220 level. The first key resistance
is near $0.5250 or the 50% Fib retracement level of the downward
move from the $0.5400 swing high to the $0.5080 low. A close above
the $0.5250 resistance zone could send the price higher. The next
key resistance is near $0.5320. If there is a close above the
$0.5320 resistance level, there could be a steady increase toward
the $0.5450 resistance. Any more gains might send the price toward
the $0.5650 resistance. Another Decline? If XRP fails to clear the
$0.5250 resistance zone, it could start another decline. Initial
support on the downside is near the $0.5160 level. The next major
support is at $0.5080. If there is a downside break and a close
below the $0.5080 level, the price might accelerate lower. In the
stated case, the price could decline and retest the $0.50 support
in the near term. 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 – $0.5160 and $0.5080. Major Resistance
Levels – $0.5220 and $0.5250.
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