XRP Price Maintains Support Level: What It Means For The Bulls
01 Julio 2024 - 11:18PM
NEWSBTC
XRP price climbed higher and tested the $0.4840 resistance zone.
The price corrected gains but the bulls are able to protect the
$0.4750 support. XRP price is eyeing an upside break above the
$0.4840 resistance zone. The price is now trading above $0.4720 and
the 100-hourly Simple Moving Average. There is a connecting bullish
trend line forming with support at $0.4760 on the hourly chart of
the XRP/USD pair (data source from Kraken). The pair might gain
bullish momentum if there is a close above the $0.4840 resistance.
XRP Price Corrects Gains XRP price started a decent upward move
above the $0.4740 resistance like Bitcoin and Ethereum. The bulls
were able to push the price above $0.480. However, the bears were
active near the $0.4840 resistance zone. A high was formed at
$0.4839 and the price recently started a downside correction. There
was a move below the $0.4800 and $0.4780 levels. The price even
spiked below the 50% Fib retracement level of the upward move from
the $0.4695 swing low to the $0.4839 high. It is now trading above
$0.4740 and the 100-hourly Simple Moving Average. There is also a
connecting bullish trend line forming with support at $0.4760 on
the hourly chart of the XRP/USD pair. On the upside, the price is
facing resistance near the $0.480 level. The first major resistance
is near the $0.4840 level. The next key resistance could be
$0.4880. A clear move above the $0.4880 resistance might send the
price toward the $0.5050 resistance. The next major resistance is
near the $0.5120 level. A close above the $0.5120 resistance zone
could send the price higher toward $0.5250. Any more gains might
send the price toward the $0.5320 resistance. More Losses? If XRP
fails to clear the $0.4840 resistance zone, it could continue to
move down. Initial support on the downside is near the $0.4765
level and the trend line. The next major support is at $0.4740, the
61.8% Fib retracement level of the upward move from the $0.4695
swing low to the $0.4839 high, and the 100-hourly Simple Moving
Average. If there is a downside break and a close below the $0.4740
level, the price might continue to decline toward the $0.4640
support in the near term. Technical Indicators Hourly MACD – The
MACD for XRP/USD is now losing pace in the bullish zone. Hourly RSI
(Relative Strength Index) – The RSI for XRP/USD is now just below
the 50 level. Major Support Levels – $0.4765 and $0.4740. Major
Resistance Levels – $0.4800 and $0.4840.
Ripple (COIN:XRPUSD)
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