XRP Price Recovery Encounters Hurdles: Will It Prevail?
2024年8月6日 - 1:08PM
NEWSBTC
XRP price started a recovery wave from the $0.4320 support. The
price is up over 8% and now faces hurdles near the $0.5120 zone.
XRP price traded below the $0.500 and $0.4550 support levels. The
price is now trading below $0.5250 and the 100-hourly Simple Moving
Average. There is a key bearish trend line forming with resistance
at $0.5120 on the hourly chart of the XRP/USD pair (data source
from Kraken). The pair could continue to recover higher if it
clears the $0.5150 resistance zone. XRP Price Starts Recovery Wave
XRP price extended losses below the $0.500 support like Ethereum
and Bitcoin. The bears even pushed the price below the $0.4550
support zone. The price tested the $0.4320 zone. A low was formed
at $0.4320 and the price recently started a recovery wave. There
was a move above the $0.4550 and $0.480 resistance levels. The
price climbed above the 50% Fib retracement level of the downward
wave from the $0.5765 swing high to the $0.4320 low. The price is
still trading below $0.550 and the 100-hourly Simple Moving
Average. There is also a key bearish trend line forming with
resistance at $0.5120 on the hourly chart of the XRP/USD pair. The
bulls are now facing a major hurdle near the trend line and
$0.5150. The first major resistance is near the $0.540 level and
the 100-hourly Simple Moving Average. It is close to the 76.4% Fib
retracement level of the downward wave from the $0.5765 swing high
to the $0.4320 low. The next key resistance could be $0.550. A
clear move above the $0.550 resistance might send the price toward
the $0.5550 resistance. The next major resistance is near the
$0.5680 level. Any more gains might send the price toward the
$0.580 resistance or even $0.5880 in the near term. Another
Decline? If XRP fails to clear the $0.5120 resistance zone, it
could start another decline. Initial support on the downside is
near the $0.4880 level. The next major support is at $0.4750. If
there is a downside break and a close below the $0.4750 level, the
price might continue to decline toward the $0.4500 support in the
near term. The next major support sits at $0.4320. 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 –
$0.4880 and $0.4750. Major Resistance Levels – $0.5120 and $0.5400.
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