š„š„š„ #XRPPrice Finds Relief: Will It Break Past $0.45 Amid Numerous Hurdles?
XRP Price Analysis: Eyeing a Recovery
XRP is showing signs of a potential recovery from the $0.400 support zone, aiming for a significant increase above $0.450.
Key Points:
- Recovery Attempt: XRP is attempting to recover above the $0.420 zone.
- Current Trading Levels: The price is now above $0.4250 and the 100-hourly Simple Moving Average (SMA).
- Technical Breakout: A break above a bearish trend line with resistance at $0.420 on the hourly chart of the XRP/USD pair (data from Kraken).
- Potential Increase: XRP could see a significant rise if it clears the $0.4450 and $0.450 resistance levels.
Detailed Analysis:
- XRP has remained stable above the $0.40 level, initiating a recovery wave similar to #bitcoināļø and Ethereum. It climbed above $0.4120 and $0.4150 resistance levels, breaking through a bearish trend line at $0.420. XRP also moved above the 61.8% Fibonacci retracement level of the downward move from the $0.4499 high to the $0.4035 low, heading towards $0.440. It is currently trading above $0.4250 and the 100-hourly SMA.
Resistance Levels:
- Immediate Resistance: $0.4385 (near the 76.4% Fib retracement level).
- First Major Resistance: $0.4450.
- Key Resistance: $0.450.Further Resistance: $0.4650 and $0.4720.
- Ultimate Target: $0.4840 if the upward trend continues.
Support Levels:
- Initial Support: $0.420.
- Next Major Support: $0.4050.
- Critical Support: $0.3880 if the price breaks below $0.4050.
Technical Indicators:
- Hourly MACD: Losing pace in the bearish zone.
- Hourly RSI: Above 50, indicating potential for further gains.
Conclusion:
XRP is attempting to recover and could see a significant increase if it clears key resistance levels at $0.4450 and $0.450.
Failure to break these levels could lead to another decline towards $0.4050 or even $0.3880. Overall market sentiment & broader #CryptocurrencyTrends will play a crucial role in XRP's price movement in the near term.
Source - newsbtc.com
