XRP Price Struggles to Break Above Key Resistance
XRP price is facing challenges in gaining momentum to break above the crucial $0.4800 resistance level. Despite trading above $0.4720 and the 100-hourly Simple Moving Average, the price is finding it difficult to make a significant move towards higher levels.
Bullish Momentum
- XRP price attempted a recovery wave, rising above $0.470 levels similar to Bitcoin and Ethereum.
- Bulls managed to push the price above $0.4720, establishing a short-term bullish zone.
- A bearish trend line with resistance at $0.4710 was broken on the hourly chart of the XRP/USD pair, indicating a potential bullish momentum.
Current Situation
- Although the price spiked to as high as $0.4769, it is currently consolidating losses.
- Testing the 23.6% Fibonacci retracement level, the price movement ranges from the $0.4660 swing low to the $0.4769 high.
- The immediate resistance levels are at $0.4770, $0.4785, and the main hurdle at $0.4825.
Potential for Further Decline
If XRP fails to surpass the resistance at $0.4770, it may face another downward trend. The initial support at $0.4740 and the 100-hourly Simple Moving Average could act as buffers against further decline. However, a breach of the $0.4700 level could signal a continuation of the downward trajectory.
Technical Indicators
- The Hourly MACD for XRP/USD indicates a slowdown in bearish momentum.
- Hourly RSI (Relative Strength Index) for XRP/USD is currently above the 50 level, hinting at a potential uptrend.
- Key support levels stand at $0.4700 and $0.4620, while resistance levels are at $0.4770 and $0.4825.
Hot Take: Stay Alert for Price Movements
As XRP price continues to struggle near the $0.4800 resistance level, it is essential to monitor the key levels for any breakthrough. Traders should keep a close eye on developments, especially around the $0.4770 and $0.4825 marks, to gauge the potential direction of the XRP price movement in the near term.
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