cryptoknowmics.com
XRP price has extended its upward momentum above the $0.440 resistance zone, indicating positive signs for further gains. Currently trading above $0.440 and the 100-hourly Simple Moving Average, XRP is showing a promising recovery wave.
Key Bullish Trend Line
A significant bullish trend line with support at $0.4390 has formed on the hourly chart of the XRP/USD pair (data source: Kraken). This support level has been crucial in maintaining the upward momentum. The price recently climbed above the $0.4320 and $0.4400 resistance levels, even spiking above $0.450.
Resistance Levels and Potential Gains
XRP is facing immediate resistance near the $0.4550 level. The first major resistance is at $0.4620, followed by a key resistance at $0.4650. A clear move above this level could propel XRP towards the $0.480 resistance, with the next major resistance at $0.4880. Sustained gains might push the price towards the $0.500 resistance level, marking a significant bullish milestone.
Support Levels for Potential Dips
If XRP fails to surpass the $0.4550 resistance, a downside correction could occur. Initial support on the downside is near the $0.4450 level. The next major support is at $0.4390, aligned with the trend line. A break and close below this level might lead to further declines towards the $0.4220 support.
Technical Indicators
The 50% Fib retracement level of the upward move from the $0.4307 swing low to the $0.4547 high has been tested, indicating a potential consolidation phase. On the upside, resistance near the $0.4550 level remains a critical hurdle for bulls to clear. The bullish trend line support at $0.4390 continues to be a key level to watch for maintaining upward momentum. XRP’s recent performance suggests a bullish outlook, with potential for further gains if key resistance levels are breached. Investors should watch for price movements around the $0.4550 resistance and the $0.4390 support levels to gauge the next direction of XRP’s price action.