XRP price started a recovery wave from the $0.5440 zone. The price is now eyeing more gains above the $0.5720 resistance zone in the near term.
- XRP price started a decent increase from the $0.5400 zone.
- The price is now trading above $0.5620 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $0.5560 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could climb higher toward the $0.600 zone if it clears the $0.5720 resistance zone.
XRP Price Starts Recovery
XRP price extended losses like Bitcoin and Ethereum. The price even tested the $0.5440 zone before the bulls appeared. The price started a recovery wave and was able to climb above the $0.5550 resistance zone.
Besides, there was a break above a connecting bearish trend line with resistance at $0.5560 on the hourly chart of the XRP/USD pair. There was a clear move above the $0.5650 resistance. Finally, it retested the $0.5720 resistance zone.
A high was formed at $0.5718 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $0.5440 swing low to the $0.5718 high.
The price is now trading above $0.5620 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.570 level. The first major resistance is near the $0.5720 level. The next key resistance could be $0.5850. A clear move above the $0.5850 resistance might send the price toward the $0.600 resistance.
The next major resistance is near the $0.6060 level. Any more gains might send the price toward the $0.6150 resistance or even $0.620 in the near term.
Another Decline?
If XRP fails to clear the $0.5720 resistance zone, it could start another decline. Initial support on the downside is near the $0.562 level. The next major support is at $0.5580 or the 50% Fib retracement level of the upward move from the $0.5440 swing low to the $0.5718 high.
If there is a downside break and a close below the $0.5580 level, the price might continue to decline toward the $0.5440 support in the near term. The next major support sits at $0.5320.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5580 and $0.5440.
Major Resistance Levels – $0.5720 and $0.5850.
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Aayush Jindal
https://www.newsbtc.com/analysis/xrp/xrp-price-eyes-0-60-2/
2024-09-03 04:28:07
