XRP Price Recovery: Can It Aim Higher? 📈
As an investor in the crypto market, you may have noticed XRP price attempting a recovery wave above the $0.4400 zone. The price has managed to trade above $0.440 and the 100-hourly Simple Moving Average, indicating a positive trend. Let’s take a closer look at the possibilities of XRP aiming higher in the near future.
Positive Momentum for XRP
- XRP price remained in a positive zone above the $0.4250 level.
- The price extended its recovery wave, similar to Ethereum, and outperformed Bitcoin.
- It successfully climbed above the $0.4320 and $0.4400 resistance levels, showcasing bullish momentum.
- The price even cleared the $0.4450 level and spiked above $0.450, hitting a high at $0.4547.
- Currently, the price is consolidating gains after a minor decline below the $0.4450 level.
Key Levels to Watch
- XRP is now trading above $0.440 and the 100-hourly Simple Moving Average, indicating a strong support level.
- A key bullish trend line is forming with support at $0.4390 on the hourly chart of the XRP/USD pair sourced from Kraken.
- The price faces initial resistance near the $0.4550 level, with major hurdles at $0.4620 and $0.4650.
- A clear move above the $0.4650 resistance could propel the price towards $0.480 and potentially $0.4880.
- Further gains might push the price towards the crucial $0.500 resistance level in the coming sessions.
Exploring Support Levels
- If XRP fails to surpass the $0.4550 resistance, a downside correction could occur.
- Initial support is seen near the $0.4450 level, followed by a major support zone at $0.4390 and the bullish trend line.
- A downside break below $0.4390 might lead to further declines towards the $0.4220 support level.
Technical Indicators Update
- Hourly MACD: The MACD for XRP/USD is showing signs of acceleration in the bullish zone.
- Hourly RSI: The RSI for XRP/USD is currently above the 50 level, indicating positive momentum.
- Major Support Levels: $0.4450 and $0.4390
- Major Resistance Levels: $0.4550 and $0.4800
Hot Take: 🌶️
In conclusion, XRP is exhibiting a strong recovery attempt above the $0.4400 level, with bullish indicators supporting further gains. While facing resistance near $0.4550, a breakthrough could pave the way for a rally towards $0.4800 and beyond. However, failure to hold above key support levels might lead to a downside correction. Keeping a close eye on the technical indicators and critical levels will be crucial for navigating XRP’s price action in the upcoming trading sessions.
Sources: Kraken
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