📉 XRP Price Shows Signs of Recovery
XRP experienced losses below $0.4650 but found support near $0.4600, initiating a recent recovery wave similar to Ethereum. Bulls managed to break above key resistance levels at $0.4680 and $0.4720, and even surpassed the $0.5000 zone. A high of $0.5049 was reached before the price started correcting lower.
📈 Current Price Levels and Resistance Zones
Currently, XRP is trading above $0.4850 and the 100-hourly Simple Moving Average. Resistance is anticipated near $0.4950, with a pivotal level at $0.4980. Further up, significant resistance lies around $0.5050, and a close above this could propel XRP towards $0.5250 and potentially $0.5320. Continued momentum might lead to a test of the $0.5500 resistance.
📉 Potential Downside and Support Levels
Failure to surpass the $0.4980 resistance may prompt a downside movement. Initial support is near $0.4850 and the 100-hourly SMA. Further down, a major support level awaits at $0.4720. A break below this could trigger bearish momentum towards the $0.460 support in the near term.
📊 Technical Indicators
The hourly MACD for XRP/USD is showing bullish momentum, while the hourly RSI is above the 50 level, indicating positive price action.
Summary:
XRP's recent recovery above key resistance levels suggests bullish potential, with resistance zones identified at $0.4980, $0.5050, and higher. Support levels are seen at $0.4850 and $0.4720, with technical indicators favoring further upside.
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