XRP Price Nearing Key Resistance Levels
XRP price is currently attempting to break above the $0.4250 zone, showing signs of a potential recovery wave as it trades above $0.4320 and the 100-hourly Simple Moving Average. A key rising channel is forming with support at $0.4350 on the hourly chart of the XRP/USD pair, indicating a possible bullish momentum if resistance levels are surpassed.
XRP Price Eyes Upside Break
XRP price has remained in a positive zone above $0.4150, extending its recovery wave along with Bitcoin and Ethereum. The price successfully surpassed the $0.4250 and $0.4320 resistance levels and even reached above $0.440 before consolidating gains. Currently, the price is above the 23.6% Fib retracement level and the 100-hourly Simple Moving Average, indicating a strong position for further upward movement.
The immediate resistance for XRP price is around the $0.4450 level, followed by major levels at $0.4500 and $0.4550. A breakthrough above $0.4550 resistance could propel the price towards $0.4680 and potentially to $0.4720. Further gains may even target the $0.480 resistance level.
Fresh Decline?
In case XRP fails to break the $0.4450 resistance zone, a fresh decline could be on the horizon. Initial support is anticipated near $0.4350 and the trend line of the rising channel. Subsequent support lies at $0.4310 and the 50% Fib retracement level. A downside break below $0.4310 could lead XRP price towards the $0.420 support level in the near future.
Technical Indicators
The technical indicators for XRP/USD are showing positive signs:
- Hourly MACD – Currently gaining pace in the bullish zone.
- Hourly RSI – Above the 50 level, indicating bullish strength.
Key levels to watch:
- Major Support Levels – $0.4310 and $0.4200.
- Major Resistance Levels – $0.4450 and $0.4500.
Hot Take: XRP Price Outlook
With XRP price testing critical resistance levels and showing signs of a potential breakout, the cryptocurrency appears poised for further upward movement. Traders should closely monitor the $0.4450 and $0.4500 resistance levels for potential bullish momentum. However, a failure to break these levels could result in a fresh decline towards key support levels at $0.4350 and $0.4310. Technical indicators suggest a favorable outlook for XRP/USD in the near term.
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