XRP Price Eyes Breakout: Will It Surge Past Resistance?
August 07 2024 - 12:48AM
NEWSBTC
XRP price started a recovery wave above the $0.4880 resistance. The
price could gain bullish momentum if it clears the $0.5220
resistance. 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 XRP price formed a base above
$0.4320 and started a recovery wave like Ethereum and Bitcoin. The
price was able to surpass the $0.4750 and $0.4880 resistance
levels. There was a move above the 50% Fib retracement level of the
downward move from the $0.5767 swing high to the $0.4320 low.
Besides, there was a break above a key bearish trend line with
resistance at $0.5040 on the hourly chart of the XRP/USD pair.
However, the price is facing hurdles near the $0.5200 zone. It is
still trading below $0.520 and the 100-hourly Simple Moving
Average. On the upside, the price is facing hurdles near the
$0.5220 level and the 100-hourly Simple Moving Average. It is close
to the 61.8% Fib retracement level of the downward move from the
$0.5767 swing high to the $0.4320 low. The first major resistance
is near the $0.5420 level. The next key resistance could be
$0.5750. A clear move above the $0.5750 resistance might send the
price toward the $0.5840 resistance. The next major resistance is
near the $0.5920 level. Any more gains might send the price toward
the $0.600 resistance or even $0.6120 in the near term. Another
Drop? If XRP fails to clear the $0.5220 resistance zone, it could
start another decline. Initial support on the downside is near the
$0.4980 level. The next major support is at $0.4880. If there is a
downside break and a close below the $0.4880 level, the price might
continue to decline toward the $0.4660 support in the near term.
The next major support sits 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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