NewsBTC
28 October 2024
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XRP Price Attempts Recovery from $0.4880, Faces Resistance at $0.5220

XRP price is attempting a recovery from the $0.4880 zone. To initiate a significant increase, it must surpass resistance levels at $0.5200 and $0.5320.

  • XRP price is correcting losses from the $0.4880 zone.
  • The price is trading below $0.5220 and the 100-hourly Simple Moving Average.
  • A break occurred above a short-term bearish trend line with resistance at $0.5150 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if it clears the $0.5220 resistance zone.

XRP Price Struggles to Gain Pace

XRP remains in a bearish zone, extending losses below $0.5200, similar to Bitcoin and Ethereum. The price fell below $0.5050 and $0.5000, even dipping below $0.4950 to test $0.4880, reaching a low of $0.4867.

Currently, XRP is attempting to recover losses, having moved above the 50% Fibonacci retracement level of the downward wave from the $0.5233 swing high to the $0.4867 low. A break above the bearish trend line at $0.5150 has occurred, though the price still trades below $0.5220 and the 100-hourly Simple Moving Average.

Resistance is anticipated near the $0.5200 level, with major resistance at $0.5220 or the 76.4% Fibonacci retracement level from the same downward wave. The next key resistance is at $0.5320.

XRP Price

If XRP moves above $0.5320, it may target $0.5500, with potential further increases toward $0.5550 or $0.5620. The next significant hurdle is at $0.5650.

Potential for Another Drop

If XRP fails to clear the $0.5220 resistance zone, another decline may commence. Initial support is near $0.5100, followed by major support at $0.5050.

A downside break and close below $0.5050 could lead to a continuation towards the $0.5000 support, with the next significant support around the $0.4880 zone.

Technical Indicators:

Hourly MACD – The MACD for XRP/USD is losing momentum in the bullish zone.

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

Major Support Levels – $0.5050 and $0.5000.

Major Resistance Levels – $0.5220 and $0.5320.