XRP Price Recovery Attempt
As a cryptocurrency enthusiast, you may have noticed that XRP price is currently attempting a recovery wave above the $0.4220 zone. The price has surged above $0.430 and is comfortably trading above the 100-hourly Simple Moving Average, indicating a potential uptrend in the making.
Short-Term Resistance and Upside Potential
- A short-term contracting triangle is forming with resistance at $0.4370 on the hourly chart of the XRP/USD pair sourced from Kraken.
- If the pair manages to clear the $0.440 and $0.450 resistance levels, a significant upward move could be on the horizon.
XRP Price Aims Higher
Following a base formation above the $0.4050 level, XRP price has embarked on a recovery wave similar to Bitcoin and Ethereum. The recent surge pushed the price above key resistance levels at $0.420 and $0.4250, signaling a bullish sentiment in the market.
Although the bulls were able to rally past the 61.8% Fib retracement level from the $0.4500 swing high to the $0.4035 low, resistance is evident near the $0.4380 and $0.440 levels. Additionally, a short-term contracting triangle with resistance at $0.4370 on the hourly chart is forming for the XRP/USD pair.
Currently, the pair is trading above $0.4270 and the 100-hourly Simple Moving Average, facing resistance around $0.4370. The next major hurdle lies at the $0.4400 level, followed by potential resistance at $0.450.
Potential Upside Targets
- The immediate resistance is near $0.4400 or the 76.4% Fib retracement level, with a breakout potentially leading XRP price to $0.450 and higher.
- A clear move above $0.450 could propel the price towards resistance levels at $0.4720, $0.480, and even $0.4880 in the future.
Another Drop?
Should XRP fail to breach the $0.440 resistance zone, a downside move may ensue. Initial support is near $0.4320, with a crucial support level at $0.420.
If the price breaks below $0.420, it could pave the way for further decline towards the $0.4050 support zone in the short term.
Technical Indicators
- Hourly MACD – The MACD for XRP/USD is currently showing signs of losing momentum in the bearish territory.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level, indicating positive momentum.
Key Levels to Watch
- Major Support Levels – $0.4200 and $0.4050.
- Major Resistance Levels – $0.4400 and $0.4500.
Hot Take
As an investor in the crypto space, it’s crucial to keep a close eye on XRP’s price movements. The current attempt at a recovery wave above key resistance levels suggests a potential uptrend, but a failure to break through could lead to another downturn. Stay informed and watch for decisive moves above $0.440 for a clearer picture of XRP’s future trajectory.
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