XRP Price Pushes Higher as Recovery Attempt is Made 📈
XRP price recently experienced a significant drop along with other major cryptocurrencies like Bitcoin and Ethereum. The price fell below the key support level at $0.5440, reaching as low as $0.5330 before beginning a new recovery phase.
During the recovery, XRP price managed to surpass resistance levels at $0.5420 and $0.5440. It successfully broke above the 23.6% Fibonacci retracement level of the previous downward movement from $0.5719 to $0.5333. The price is currently striving to close above $0.5520 to continue its upward momentum.
However, despite these positive movements, XRP is currently trading below $0.5750 and the 100-hourly Simple Moving Average. It may encounter resistance around $0.5550 and $0.5570, accompanied by a newly forming bearish trend line on the hourly chart of the XRP/USD pair.
This trend line aligns with the 61.8% Fibonacci retracement level and could act as a significant barrier for further upside movement. In case of a successful breach of the $0.5570 resistance, XRP price could target $0.5720 and potentially test higher resistances at $0.5850, $0.5920, and even $0.600 in the near future.
Possible Downtrend Ahead for XRP? 📉
Failure to surpass the $0.5570 resistance level might result in a new downward trend for XRP. The initial support level lies at $0.5480, followed by a more critical support at $0.5420.
Should the price decline further and break below $0.5420, it could extend the downtrend towards the $0.5320 support area. The next substantial support level after that is at $0.520.
Technical Analysis and Indicators 📊
As per technical indicators:
- The hourly MACD for XRP/USD is showing signs of losing momentum in the bearish zone.
- The hourly RSI for XRP/USD has dipped below the 50 level, indicating a potential downward pressure on the price.
Conclusion 🚀
XRP price is currently attempting to recover from recent losses, facing key resistance levels at $0.5550 and $0.5570. A successful breakout above these levels could propel the price towards $0.5720 and beyond. However, failure to overcome the resistance might trigger a new downtrend, with initial support at $0.5480. Traders and investors should closely monitor these levels to gauge the future direction of XRP price movement.
Sources:
Kraken
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