XRP Price Recovery: Bulls Aim for Key $0.4950 Resistance Level

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XRP price dipped but the bulls were active near the $0.4700 support. The price reclaimed the 100-hourly SMA and might continue to rise if it clears $0.4950.
XRP price found support at $0.4700 and started a recovery wave.
The price is now trading above $0.4800 and the 100-hourly Simple Moving Average.
There was a break below a major bullish trend line with support at $0.4915 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to rise unless it fails to stay above the $0.4820 support zone.

XRP faces a critical juncture as it aims to surpass resistance levels and sustain upward momentum.

XRP Price Targets Higher Ground

Recently, XRP’s price encountered resistance at the $0.520 mark, prompting a decline similar to that experienced by Bitcoin and Ethereum. Significant drops below the $0.500 and $0.485 thresholds ensued. Notably, a breach occurred below a major bullish trend line, placing support at approximately $0.4915 on the hourly XRP/USD chart.

However, bullish activity emerged notably around the $0.4700 benchmark. From this low, XRP commenced another upward trajectory, overcoming $0.4750 and $0.4820 resistance barriers. It even surpassed the 23.6% Fibonacci retracement level, traced from the $0.5202 high to the $0.4700 low.

Currently, XRP is positioned above both the $0.4800 level and the 100-hourly Simple Moving Average. Upward potential is presently capped near $0.4950, aligning with the 50% Fibonacci retracement from the $0.5202 peak to the $0.4700 trough.

Notable Resistance Levels

Initial resistance lies around $0.500, with the subsequent critical barrier near $0.520. A breakout above this range may propel XRP towards $0.5320. Securing a position above $0.5320 could potentially set the stage for a steady ascension towards the $0.5500 region, with further gains potentially targeting $0.5550.

Potential Downturn Ahead?

Should XRP fail to breach the $0.4950 resistance, a downturn could ensue. Immediate support is anticipated near the $0.4865 level alongside the 100-hourly Simple Moving Average. The next significant support is located at $0.4820. A breakdown below this threshold could intensify bearish momentum, potentially driving prices towards the $0.4550 region.

Technical Outlook

From a technical perspective, the hourly MACD indicator for XRP/USD is currently losing momentum within the bearish zone. Concurrently, the hourly RSI (Relative Strength Index) for XRP/USD has dipped below the 50 mark, suggesting diminishing bullish strength.

Conclusion

In conclusion, XRP’s performance in the near term hinges on its ability to overcome current resistance levels, particularly around $0.4950 and $0.520. Failing to maintain support above $0.4820 could lead to further declines. As market dynamics evolve, traders and investors should remain vigilant, closely monitoring key technical indicators for potential shifts in sentiment and price direction.