XRP price is slowly moving higher from the $0.400 support zone. The price is consolidating and might aim for a decent increase above $0.450.
XRP price is attempting a recovery wave above the $0.420 zone.
The price is now trading above $0.4250 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $0.420 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a decent increase if it clears the $0.4450 and $0.450 resistance levels.
XRP Price Eyes Recovery
XRP price remained stable above the $0.40 level and recently started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above the $0.4120 and $0.4150 resistance levels.
There was a break above a connecting bearish trend line with resistance at $0.420 on the hourly chart of the XRP/USD pair. The pair even spiked above the 61.8% Fib retracement level of the downward move from the $0.4499 swing high to the $0.4035 low.
There was a move toward the $0.440 level. The price is now trading above $0.4250 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4385 level or the 76.4% Fib retracement level of the downward move from the $0.4499 swing high to the $0.4035 low.
Source:
The first major resistance is near the $0.4450 level. The next key resistance could be $0.450. A clear move above the $0.450 resistance might send the price toward the $0.4650 resistance. The next major resistance is near the $0.4720 level. Any more gains might send the price toward the $0.4840 resistance.
Another Decline?
If XRP fails to clear the $0.4450 resistance zone, it could start another decline. Initial support on the downside is near the $0.420 level.
The next major support is at $0.4050. If there is a downside break and a close below the $0.4050 level, the price might continue to decline toward the $0.3880 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 above the 50 level.
Major Support Levels – $0.4200 and $0.4050.
Major Resistance Levels – $0.4450 and $0.4500.
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
Read more
From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.
In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.
Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.
Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.
At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.
In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.
Close
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.
