Can XRP Price Maintain Momentum? Key Levels to Watch in the Short Term
May 14 2024 - 1:58AM
NEWSBTC
XRP price is attempting a recovery wave from the $0.4865 support.
The price could gain bullish momentum if it clears the $0.5120
resistance. XRP remained stable and started a recovery wave above
$0.500. The price is now trading above $0.5050 and the 100-hourly
Simple Moving Average. There was a break above a major bearish
trend line with resistance at $0.5025 on the hourly chart of the
XRP/USD pair (data source from Kraken). The pair could start a
decent increase if there is a close above the $0.5120 resistance.
XRP Price Reclaims $0.50 After a steady decline, XRP price found
support near the $0.4865 zone. A low was formed at $0.4864 and the
price is now attempting a recovery wave, like Bitcoin and Ethereum.
There was a move above the $0.4950 and $0.50 resistance levels.
Besides, there was a break above a major bearish trend line with
resistance at $0.5025 on the hourly chart of the XRP/USD pair. The
pair even spiked above $0.5100. A high was formed at $0.5120 and
the price is now consolidating gains. There was a test of the 23.6%
Fib retracement level of the upward move from the $0.4867 swing low
to the $0.5120 high. The price is now trading above $0.5050 and the
100-hourly Simple Moving Average. Immediate resistance is near the
$0.5085 level. The first key resistance is near $0.5120. A close
above the $0.5120 resistance zone could spark a strong increase.
The next key resistance is near $0.5220. If the bulls remain in
action above the $0.5220 resistance level, there could be a rally
toward the $0.5350 resistance. Any more gains might send the price
toward the $0.550 resistance. Another Decline? If XRP fails to
clear the $0.5120 resistance zone, it could start another decline.
Initial support on the downside is near the $0.5050 level and the
100-hourly Simple Moving Average. The next major support is at
$0.50 or the 50% Fib retracement level of the upward move from the
$0.4867 swing low to the $0.5120 high. If there is a downside break
and a close below the $0.50 level, the price might accelerate
lower. In the stated case, the price could retest the $0.4865
support zone. 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 – $0.500 and $0.4865. Major Resistance
Levels – $0.5120 and $0.5220.
Ripple (COIN:XRPUSD)
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From Aug 2024 to Sep 2024
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From Sep 2023 to Sep 2024