XRP Price Set To Surge: Breaking This Resistance Could Trigger a Rally
July 01 2024 - 12:28AM
NEWSBTC
XRP price is attempting to recover above the $0.4750 resistance
zone. The price could gain bullish momentum if it settles above the
$0.480 resistance zone. XRP price is still struggling to gain pace
for a move above the $0.4800 resistance zone. The price is now
trading above $0.4750 and the 100-hourly Simple Moving Average.
There was a break above a key contracting triangle with resistance
at $0.4735 on the hourly chart of the XRP/USD pair (data source
from Kraken). The pair might gain bullish momentum if there is a
close above the $0.480 resistance. XRP Price Recovers Again XRP
price remained stable above the $0.4620 support and recently
started a decent upward move like Bitcoin and Ethereum. The bulls
were able to push the price above $0.470 to push the price in a
short-term bullish zone. There was a break above a key contracting
triangle with resistance at $0.4735 on the hourly chart of the
XRP/USD pair. The pair even cleared the $0.4750 resistance zone and
the 100-hourly Simple Moving Average. A high was formed at $0.4796
and the price is now consolidating losses. The price is testing the
23.6% Fib retracement level of the upward move from the $0.4694
swing low to the $0.4796 high. It is now trading above $0.4750 and
the 100-hourly Simple Moving Average. On the upside, the price is
facing resistance near the $0.4790 level. The first major
resistance is near the $0.4800 level. The main hurdle is now near
$0.4825. A clear move above the $0.4825 resistance might send the
price toward the $0.4880 resistance. The next major resistance is
near the $0.5050 level. A close above the $0.5050 resistance zone
could send the price higher toward $0.5250. Any more gains might
send the price toward the $0.5320 resistance. Another Drop? If XRP
fails to clear the $0.480 resistance zone, it could start another
decline. Initial support on the downside is near the $0.4745 level
and the 50% Fib retracement level of the upward move from the
$0.4694 swing low to the $0.4796 high. The next major support is at
$0.4730 and the 100-hourly Simple Moving Average. If there is a
downside break and a close below the $0.4730 level, the price might
continue to decline. In the stated case, the price could even trade
below the $0.4640 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 – $0.4745
and $0.4640. Major Resistance Levels – $0.4800 and $0.4825.
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