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Home»Analysis»Can the XRP Price Recover? Analysis of the potential for a rebound
Analysis

Can the XRP Price Recover? Analysis of the potential for a rebound

2024-06-04No Comments3 Mins Read
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The XRP price is slowly moving up from the $0.5080 zone. It could gain bullish momentum if a move above the USD 0.5250 resistance zone takes place.

  • XRP attempts a fresh rise above the $0.5120 zone.
  • The price is now trading above USD 0.5150 and the 100-hourly Simple Moving Average.
  • There was a break above a key bearish trendline with resistance near $0.5160 on the hourly chart of the XRP/USD pair (Kraken data source).
  • The pair could start a decent climb if there is a clear move above $0.5250.

XRP Price Eyes Recovery

XRP price extended losses below the $0.5120 level, like Bitcoin and Ethereum. The price tested the $0.5080 zone and recently started a decent recovery wave.

The price was able to break the USD 0.5120 and USD 0.5150 resistance levels. There was a break above a key bearish trendline with resistance near $0.5160 on the hourly chart of the XRP/USD pair. The pair crossed the 23.6% Fib retracement level of the downward move from the $0.5400 swing high to the $0.5080 low.

The price is now trading above USD 0.5150 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance around the $0.5220 level.

The first major resistance is near $0.5250 or the 50% Fib retracement level of the downward move from the $0.5400 swing high to the $0.5080 low. A close above the USD 0.5250 resistance zone could send the price higher. The next major resistance is near $0.5320.

XRP price
Source: XRPUSD on TradingView.com

If there is a close above the resistance level at $0.5320, there could be a steady rise towards the resistance at $0.5450. Any further gains could send the price towards the USD 0.5650 resistance.

See also  Ethereum price recovers higher, but lacks a bullish drive to test USD 2,500

Another drop?

If XRP fails to break the USD 0.5250 resistance zone, it could trigger another decline. The initial downside support is near the $0.5160 level.

The next major support is at $0.5080. If there is a downside break and a close below the USD 0.5080 level, the price may accelerate lower. In the said case, the price could fall and retest the $0.50 support in the short term.

Technical indicators

Hourly MACD – The MACD for XRP/USD is now gaining speed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major support levels – $0.5160 and $0.5080.

Major resistance levels – $0.5220 and $0.5250.

Source link

Analysis potential Price Rebound Recover XRP
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