XRP Price Shows Signs of Recovery
XRP has been gradually moving higher and is now trading above the $0.612 level. The price has also crossed the $0.615 mark and is above the 100 simple moving average (4 hours).
A Breakout from a Declining Channel
On the 4-hour chart of the XRP/USD pair, there was a significant breakthrough as the price broke above a major declining channel with resistance near $0.618.
Potential for a Fresh Rally
If XRP manages to clear the $0.645 and $0.650 resistance levels, it could start a fresh rally. This would open up the possibility for further gains in the future.
XRP Price Aims Higher
Over the past few days, XRP has established a base above the $0.5880 pivot level. Although it hasn’t experienced a rally similar to Bitcoin and Ethereum, it did manage to increase above the $0.600 resistance level.
Furthermore, there was a breakout above the 23.6% Fib retracement level of the main decline from the $0.720 swing high to the $0.5720 swing low. Additionally, a major declining channel was breached with resistance near $0.618 on the 4-hour chart of the XRP/USD pair.
The price is currently trading above $0.615 and is supported by the 100 simple moving average (4 hours). The immediate resistance lies near the $0.625 level, followed by a major resistance zone at $0.645 or the 50% Fib retracement level of the main decline.
Resistance Levels to Watch
The primary resistance level is situated at $0.650. A close above this zone could trigger a steady increase, with the next key resistance at $0.685. If the bulls continue their momentum above the $0.658 resistance, a rally towards the $0.700 resistance is possible. Further gains may push XRP towards the $0.720 resistance.
Possible Decline
If XRP fails to break above the $0.650 resistance, it might experience a fresh decline. The initial support lies near the $0.615 zone and the 100 simple moving average (4 hours).
The next significant support level can be found at $0.600. Should there be a downside break and a close below this level, XRP’s price could drop further and retest the $0.572 support zone.
Technical Indicators
The MACD for XRP/USD on the 4-hour chart is currently showing signs of gaining momentum in the bearish zone.
The RSI (Relative Strength Index) for XRP/USD on the 4-hour chart is hovering around the 50 level.
Major Support and Resistance Levels
Major Support Levels: $0.600, $0.588, and $0.572.
Major Resistance Levels: $0.645, $0.650, and $0.700.
Hot Take: XRP Price Shows Signs of Recovery as Bulls Eye Higher Targets
XRP has been making positive strides lately, surpassing key resistance levels and breaching a major declining channel on its chart.
If the bullish momentum continues, XRP could experience further gains in the near future, with potential targets at $0.650 and $0.700. However, failure to break above the resistance zone at $0.650 could result in a fresh decline towards the support levels at $0.600 and $0.572.
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