Trending Articles- International Oil Prices Retreat Rapidly; G-7 to Discuss Emergency Oil Reserve Release
- Goldman Sachs Raises Oil Price Forecasts and Warns Oil May Break All-Time Highs if Strait of Hormuz Disruption Persists
- Crypto’s Great Recovery: Is the Post-Conflict Surge a Sustainable Rally or a Sophisticated Bull Trap?
- WTI recovers to near $86.50 as Strait of Hormuz remains closed
- Gold slumps to near $5,050 on oil-driven inflation fears, stronger US Dollar
- WTI climbs above $95.50 as Iran says the Strait of Hormuz must remain closed
XRP price is moving higher from the $0.5250 support. The price could gain bullish momentum if it clears the $0.5450 and $0.5500 resistance levels.
XRP price is attempting a fresh increase above the $0.5320 support.
The price is now trading above $0.5350 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $0.5310 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5450 and $0.5500 resistance levels.
XRP Price Holds Key Support
XRP price remained stable above the $0.5240 support. A base was formed and the price started a fresh increase above $0.5350 like Bitcoin and Ethereum.
The price climbed above the 61.8% Fib retracement level of the downward move from the $0.5430 swing high to the $0.5252 low. Besides, there was a break above a key bearish trend line with resistance at $0.5310 on the hourly chart of the XRP/USD pair.
The price is now trading above $0.5350 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5390 level. It is close to the 76.4% Fib retracement level of the downward move from the $0.5430 swing high to the $0.5252 low.
The first major resistance is near the $0.5400 level. The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5680 resistance or even $0.5750 in the near term. The next major hurdle might be $0.600, where the bears might emerge.
Another Decline?
If XRP fails to clear the $0.540 resistance zone, it could start another decline. Initial support on the downside is near the $0.5340 level and the 100-hourly Simple Moving Average. The next major support is near the $0.5280 level.
If there is a downside break and a close below the $0.5280 level, the price might continue to decline toward the $0.5250 support in the near term. The next major support sits near the $0.5120 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 – $0.5340 and $0.5280.
Major Resistance Levels – $0.5400 and $0.5450.
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
