XRP Price Recovers Past 100 SMA: Bullish Indicators Ahead?
17 Juin 2024 - 8:08AM
NEWSBTC
XRP price started a decent recovery wave above $0.4850. The price
reclaimed the 100-hourly SMA and might aim for more upsides. XRP
price found support at $0.4600 and started a recovery wave. The
price is now trading above $0.4850 and the 100-hourly Simple Moving
Average. There was a break above a key bearish trend line with
resistance at $0.4860 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 Signals
Recovery XRP price extended losses below the $0.4650 level like
Bitcoin. However, the bulls took a stand near $0.4600, and the
price recently started a decent recovery wave like Ethereum. There
was a move above the $0.4680 and $0.4720 resistance levels.
Besides, there was a break above a key bearish trend line with
resistance at $0.4860 on the hourly chart of the XRP/USD pair. The
pair even spiked above the $0.5000 zone. A high was formed at
$0.5049 and the price is now correcting gains. There was a move
below the $0.4950 support zone. There was a drop below the 23.6%
Fib retracement level of the upward move from the $0.4600 swing low
to the 0.5049 high. The price is now trading above $0.4850 and the
100-hourly Simple Moving Average. On the upside, the price is
facing resistance near the $0.4950 level. The first key resistance
is near $0.4980. The next major resistance is near the $0.5050
level. A close above the $0.5050 resistance zone could send the
price higher. The next key resistance is near $0.5250. If there is
a close above the $0.5250 resistance level, there could be a steady
increase toward the $0.5320 resistance. Any more gains might send
the price toward the $0.5500 resistance. Another Decline? If XRP
fails to clear the $0.4980 resistance zone, it could continue to
move down. Initial support on the downside is near the $0.4850
level and the 100-hourly Simple Moving Average. The next major
support is at $0.4720. If there is a downside break and a close
below the $0.4720 level, the price might gain bearish momentum. In
the stated case, the price could decline and retest the $0.460
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 – $0.4850 and $0.4720. Major
Resistance Levels – $0.4980 and $0.5050.
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