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XRP Price Poised for a Bullish Path Unless This Support Paves Way

XRP Price Bullish

XRP price shows positive signs above the $0.4250 support zone. The price could gain bullish momentum if there is a move above the $0.4450 and $0.450 resistance levels.

  • XRP price is attempting a recovery wave above the $0.4250 zone.
  • The price is now trading above $0.4320 and the 100-hourly Simple Moving Average.
  • There is a key rising channel forming with support at $0.4350 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might gain bullish pace if it clears the $0.4450 and $0.450 resistance levels.

XRP Price Eyes Upside Break

XRP price remained in a positive zone above the $0.4150 level and extended its recovery wave, like Bitcoin and Ethereum. The price was able to climb above the $0.4250 and $0.4320 resistance levels.

The price even cleared the $0.440 level, but it remained below the $0.4450 resistance zone. A high was formed at $0.4430 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $0.4204 swing low to the $0.4430 high.

The price is also trading above $0.4320 and the 100-hourly Simple Moving Average. Besides, there is a key rising channel forming with support at $0.4350 on the hourly chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

On the upside, the price is facing resistance near the $0.4450 level. The first major resistance is near the $0.4500 level. The next key resistance could be $0.4550. A clear move above the $0.4550 resistance might send the price toward the $0.4680 resistance. The next major resistance is near the $0.4720 level. Any more gains might send the price toward the $0.480 resistance.

Fresh Decline?

If XRP fails to clear the $0.4450 resistance zone, it could start another decline. Initial support on the downside is near the $0.4350 level and the channel trend line.

The next major support is at $0.4310 and the 50% Fib retracement level of the upward move from the $0.4204 swing low to the $0.4430 high. If there is a downside break and a close below the $0.4310 level, the price might continue to decline toward the $0.420 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 – $0.4310 and $0.4200.

Major Resistance Levels – $0.4450 and $0.4500.

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.

Source: newsbtc.com

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