XRP Bulls Flex Muscles: Potential Uptrend in Play?
18 Junho 2024 - 1:08AM
NEWSBTC
XRP price dipped but the bulls were active near the $0.4700
support. The price reclaimed the 100-hourly SMA and might continue
to rise if it clears $0.4950. XRP price found support at $0.4700
and started a recovery wave. The price is now trading above $0.4800
and the 100-hourly Simple Moving Average. There was a break below a
major bullish trend line with support at $0.4915 on the hourly
chart of the XRP/USD pair (data source from Kraken). The pair could
continue to rise unless it fails to stay above the $0.4820 support
zone. XRP Price Aims Higher XRP price failed to clear the $0.520
resistance and reacted to the downside like Bitcoin and Ethereum.
There was a sharp decline below the $0.500 and $0.4850 support
levels. There was a break below a major bullish trend line with
support at $0.4915 on the hourly chart of the XRP/USD pair.
However, the bulls took a stand near $0.4700. The price started
another upward move from the $0.4700 low. There was a move above
the $0.4750 and $0.4820 resistance levels. The price even cleared
the 23.6% Fib retracement level of the downward move from the
$0.5202 swing high to the $0.4700 low. The price is now trading
above $0.4800 and the 100-hourly Simple Moving Average. On the
upside, the price is facing resistance near the $0.4950 level and
the 50% Fib retracement level of the downward move from the $0.5202
swing high to the $0.4700 low. The first key resistance is near
$0.500. The next major resistance is near the $0.520 level. A close
above the $0.520 resistance zone could send the price higher. The
next key resistance is near $0.5320. If there is a close above the
$0.5320 resistance level, there could be a steady increase toward
the $0.5500 resistance. Any more gains might send the price toward
the $0.5550 resistance. Another Decline? If XRP fails to clear the
$0.4950 resistance zone, it could start another decline. Initial
support on the downside is near the $0.4865 level and the
100-hourly Simple Moving Average. The next major support is at
$0.4820. If there is a downside break and a close below the $0.4820
level, the price might gain bearish momentum. In the stated case,
the price could decline and retest the $0.4550 support in the near
term. Technical Indicators Hourly MACD – The MACD for XRP/USD is
now losing pace in the bearish zone. Hourly RSI (Relative Strength
Index) – The RSI for XRP/USD is now below the 50 level. Major
Support Levels – $0.4820 and $0.4700. Major Resistance Levels –
$0.4950 and $0.500.
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