XRP Price Shows Increased Strength: Can It Sustain The Recovery?
11 Julio 2024 - 11:28PM
NEWSBTC
XRP price extended its increase above the $0.440 resistance zone.
The price is showing positive signs and might rise further above
the $0.4550 resistance level. XRP price is attempting a recovery
wave above the $0.4400 zone. The price is now trading above $0.440
and the 100-hourly Simple Moving Average. There is a key bullish
trend line forming with support at $0.4390 on the hourly chart of
the XRP/USD pair (data source from Kraken). The pair could extend
gains if there is a close above the $0.450 resistance level. XRP
Price Aims Higher XRP price remained in a positive zone above the
$0.4250 level and extended its recovery wave, like Ethereum and
outperformed Bitcoin. The price was able to climb above the $0.4320
and $0.4400 resistance levels. The price even cleared the $0.4450
level and spiked above $0.450. A high was formed at $0.4547 and the
price is now consolidating gains. There was a minor decline below
the $0.4450 level. The price tested the 50% Fib retracement level
of the upward move from the $0.4307 swing low to the $0.4547 high.
The price is now trading above $0.440 and the 100-hourly Simple
Moving Average. Besides, there is a key bullish trend line forming
with support at $0.4390 on the hourly chart of the XRP/USD pair.
The trend line is close to the 61.8% Fib retracement level of the
upward move from the $0.4307 swing low to the $0.4547 high. On the
upside, the price is facing resistance near the $0.4550 level. The
first major resistance is near the $0.4620 level. The next key
resistance could be $0.4650. A clear move above the $0.4650
resistance might send the price toward the $0.480 resistance. The
next major resistance is near the $0.4880 level. Any more gains
might send the price toward the $0.500 resistance. Are Dips
Supported? If XRP fails to clear the $0.4550 resistance zone, it
could start a downside correction. Initial support on the downside
is near the $0.4450 level. The next major support is at $0.4390 and
the trend line. If there is a downside break and a close below the
$0.4390 level, the price might continue to decline toward the
$0.4220 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 – $0.4450 and $0.4390.
Major Resistance Levels – $0.4550 and $0.4800.
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