XRP Price Showing Resilience as It Rebounds Above Key Levels 📈
Stellar’s native cryptocurrency, XRP, has witnessed a significant recovery after facing a bearish trend. The price surge was influenced by the recent bullish movement in Ethereum and Bitcoin. Here’s a detailed analysis of XRP’s recent price action:
- XRP initiated a notable uptrend, breaking through the $0.5150 resistance level.
- Currently trading above $0.5250, showcasing strength above the 100-hourly Simple Moving Average.
- A significant breakout occurred, surpassing a crucial bearish trend line resistance at $0.520 on the XRP/USD hourly chart sourced from Kraken.
- The possibility of a corrective phase exists, with strong support anticipated near the $0.5180 mark.
XRP Price Recovers ✨
Following a dip towards the $0.5065 support level, XRP embarked on a recovery journey. The recent surge in Ethereum by over 20% and Bitcoin’s breach of $70,000 triggered bullish movements in XRP. Key highlights of XRP’s price recovery include:
- Breaking past the $0.5150 and $0.520 resistance levels.
- Notable breakout above the bearish trend line resistance at $0.520 on the XRP/USD hourly chart.
- Achieving a high of $0.5386 after breaching the $0.5320 resistance level.
- Currently undergoing a corrective phase, possibly testing the 23.6% Fib retracement level from the recent swing low at $0.5064 to the high at $0.5386.
At present, XRP is trading above $0.5250 along with the 100-hourly Simple Moving Average. Immediate hurdles are expected near the $0.5380 mark, with a significant resistance zone around $0.5420. A breakthrough above this level could propel the price towards the next hurdle at $0.5550, potentially leading to further upside movement.
Should the bulls succeed in pushing the price past $0.5550, a renewed uptrend might target the $0.5650 resistance level. Subsequent gains could drive XRP towards the $0.5720 mark.
Possible Retracement on the Horizon?
In the event of XRP failing to breach the $0.5380 resistance level, a downside correction could ensue. Initial support is anticipated at around $0.5310, followed by a crucial level at $0.5250. The primary support rests near $0.5220, representing the 50% Fib retracement level from the recent swing low to high. A breakdown below $0.5220 might accelerate selling pressure, potentially leading to a test of the $0.5065 support in the near future.
Technical Indicators 📊
- Hourly MACD – Showing signs of losing momentum in the bullish territory for XRP/USD.
- Hourly RSI (Relative Strength Index) – Currently above the 50 level, indicating a positive sentiment for XRP/USD.
Key Support Levels: $0.5310, $0.5220
Key Resistance Levels: $0.5380, $0.5420
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