XRP bounces back above 100 SMA 🚀 Bullish signs on the horizon!

Key Signal: XRP Price Shows Signs of Recovery

XRP price recently bounced back after finding support at $0.4600, signaling a potential recovery. The cryptocurrency is now trading above $0.4850 and the 100-hourly Simple Moving Average, indicating a positive trend. A key bullish trend line was broken with resistance at $0.4860, suggesting a possible upside momentum for XRP.

The price found support at $0.4600 and initiated a recovery wave.
Currently trading above $0.4850 and the 100-hourly Simple Moving Average.
A key bearish trend line was breached with resistance at $0.4860 on the hourly chart.
Potential for further upside unless support at $0.4820 is breached.

XRP Price Shows Signs of Recovery

Similar to Bitcoin and Ethereum, XRP price experienced a dip below $0.4650 but managed to hold ground at $0.4600. The recent recovery wave pushed the price above key resistance levels, including $0.4680 and $0.4720. Additionally, a significant bullish trend line was broken with resistance at $0.4860, indicating a shift in momentum for XRP.

The price surged above $0.5000, reaching a high of $0.5049 before retracing slightly. Although there was a dip below $0.4950, the price remains above $0.4850 and the 100-hourly Simple Moving Average, highlighting a positive outlook for XRP.

If the price breaks above $0.5050, it could pave the way for further gains.
Key resistance levels include $0.4980, $0.5050, and $0.5250.
A breach above $0.5250 could lead to a sustained uptrend towards $0.5320 and $0.5500.

Potential Retracement?

Should XRP struggle to surpass the $0.4980 resistance, a downside correction may ensue. Initial support lies at $0.4850 and the 100-hourly Simple Moving Average, with a major support level at $0.4720. A break below $0.4720 could trigger more selling pressure and push the price towards $0.4600.

Technical indicators suggest a bullish scenario as the hourly MACD gains momentum in the bullish zone. The hourly RSI for XRP/USD is above the 50 level, indicating positive sentiment among traders. Key support levels to watch are $0.4850 and $0.4720, with major resistance levels at $0.4980 and $0.5050.