Market
XRP Price Shows Increased Strength: Can It Sustain The Recovery?
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.
