XRP Price Eyes Breakout: Will It Recover Lost Ground?

2024-10-7 07:18

XRP price is consolidating above the $0.5080 support level. The price could gain pace if it clears the $0.5450 resistance zone in the near term.

XRP price is still consolidating above the $0.5080 support. The price is now trading above $0.5250 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $0.5450 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could gain bullish pace if it clears the $0.5450 and $0.5500 resistance levels. XRP Price Eyes Recovery

XRP price extended its decline below the $0.5350 level, underperforming Bitcoin and Ethereum. The price even declined heavily below the $0.5250 support zone.

A low was formed at $0.5070 and the price is now consolidating losses. There was a minor move above the $0.5250 level. Recently, the price tested the 23.6% Fib retracement level of the downward wave from the $0.6640 swing high to the $0.5070 low.

The price is now trading above $0.5250 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5450 level. There is also a key bearish trend line forming with resistance at $0.5450 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $0.5500 level. The next key resistance could be $0.5650. A clear move above the $0.5650 resistance might send the price toward the $0.580 resistance. Any more gains might send the price toward the $0.6000 resistance or even $0.6050 in the near term.

Another Decline?

If XRP fails to clear the $0.5450 resistance zone, it could start another decline. Initial support on the downside is near the $0.5300 level. The next major support is near the $0.5250 level.

If there is a downside break and a close below the $0.5250 level, the price might continue to decline toward the $0.5120 support in the near term. The next major support sits near the $0.5080 zone.

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 – $0.5250 and $0.5120.

Major Resistance Levels – $0.5450 and $0.5500.

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price xrp consolidating above support 5080 resistance

Источник: newsbtc.com

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