XRP Eyeing Upside Break Above Resistance Zone
XRP price is currently looking towards breaking above the $0.4840 resistance zone. The price has surpassed $0.4720 and is now trading above the 100-hourly Simple Moving Average. The XRP/USD pair’s hourly chart from Kraken shows a connecting bullish trend line with support at $0.4760.
XRP Price Correction in Progress
XRP’s price initiated an upward trend, breaching the $0.4740 resistance similar to Bitcoin and Ethereum. The price touched $0.480 but faced resistance near $0.4840. A high of $0.4839 was reached before a downside correction started. The price dipped below $0.4800 and $0.4780 levels, even breaking the 50% Fib retracement level from the $0.4695 swing low to $0.4839 high.
As of now, XRP is trading above $0.4740 and the 100-hourly Simple Moving Average. The hourly chart also shows a bullish trend line with support at $0.4760. The price is currently met with resistance near $0.480, with major resistance at $0.4840 and a subsequent level at $0.4880.
Potential for Further Losses
If XRP fails to surpass the $0.4840 resistance, a downward trend might continue. Initial support is expected near $0.4765 and the trend line. Further support lies at $0.4740, the 61.8% Fib retracement level, and the 100-hourly Simple Moving Average. A break below $0.4740 could push the price towards the $0.4640 support in the short term.
Technical Indicators
Technical indicators for XRP/USD suggest:
- Hourly MACD – Losing momentum in the bullish zone.
- Hourly RSI – Slightly below the 50 level.
Key Support Levels:
- $0.4765
- $0.4740
Key Resistance Levels:
- $0.4800
- $0.4840
Hot Take: Stay Alert for XRP’s Next Move
As XRP’s price hovers near key resistance levels, keep a close eye on how it reacts. Breaking through the $0.4840 mark could signal a bullish run towards higher resistances. Conversely, failure to surpass this level might lead to further downward movement. Stay informed and monitor the technical indicators for crucial insights into XRP’s next move.
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