My Blog

My WordPress Blog

Cryptocurrency

XRP Price Recovers Past 100 SMA: Bullish Indicators Ahead?

XRP price started a decent recovery wave above $0.4850. The price reclaimed the 100-hourly SMA and might aim for more upsides.

  • XRP price found support at $0.4600 and started a recovery wave.
  • The price is now trading above $0.4850 and the 100-hourly Simple Moving Average.
  • There was a break above a key bearish trend line with resistance at $0.4860 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could continue to rise unless it fails to stay above the $0.4820 support zone.

XRP Price Signals Recovery

XRP price extended losses below the $0.4650 level like Bitcoin. However, the bulls took a stand near $0.4600, and the price recently started a decent recovery wave like Ethereum.

There was a move above the $0.4680 and $0.4720 resistance levels. Besides, there was a break above a key bearish trend line with resistance at $0.4860 on the hourly chart of the XRP/USD pair. The pair even spiked above the $0.5000 zone.

A high was formed at $0.5049 and the price is now correcting gains. There was a move below the $0.4950 support zone. There was a drop below the 23.6% Fib retracement level of the upward move from the $0.4600 swing low to the 0.5049 high.

The price is now trading above $0.4850 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4950 level. The first key resistance is near $0.4980.

Source: XRPUSD on TradingView.com

The next major resistance is near the $0.5050 level. A close above the $0.5050 resistance zone could send the price higher. The next key resistance is near $0.5250. If there is a close above the $0.5250 resistance level, there could be a steady increase toward the $0.5320 resistance. Any more gains might send the price toward the $0.5500 resistance.

Another Decline?

If XRP fails to clear the $0.4980 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4850 level and the 100-hourly Simple Moving Average.

The next major support is at $0.4720. If there is a downside break and a close below the $0.4720 level, the price might gain bearish momentum. In the stated case, the price could decline and retest the $0.460 support in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.4850 and $0.4720.

Major Resistance Levels – $0.4980 and $0.5050.

LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *