XRP Price Targets $0.550 Breakout For A Potential Rally
September 10 2024 - 12:18AM
NEWSBTC
XRP price started a recovery wave above the $0.5320 level. The
price could gain pace if it clears the $0.5480 and $0.550
resistance levels. XRP price is aiming for a move above the $0.550
resistance zone. The price is now trading above $0.5320 and the
100-hourly Simple Moving Average. There is a connecting bullish
trend line forming with support at $0.5325 on the hourly chart of
the XRP/USD pair (data source from Kraken). The pair could gain
bullish momentum if it clears the $0.5480 and $0.550 resistance
levels. XRP Price Starts Recovery XRP price formed a base near
$0.5020 to start a recovery wave like Bitcoin and Ethereum. The
price started a decent increase above the $0.5220 and $0.5250
resistance levels. The bulls were able to push the price above the
50% Fib retracement level of the downward wave from the $0.5625
swing high to the $0.5020 swing low. The price even spiked above
the $0.540 level before it faced resistance. The price is now
trading above $0.5320 and the 100-hourly Simple Moving Average.
There is also a connecting bullish trend line forming with support
at $0.5325 on the hourly chart of the XRP/USD pair. On the upside,
the price might face resistance near the $0.5420 level. The first
major resistance is near the $0.5480 level or the 76.4% Fib
retracement level of the downward wave from the $0.5625 swing high
to the $0.5020 swing low. The next key resistance could be $0.5550.
A clear move above the $0.5550 resistance might send the price
toward the $0.5680 resistance. The next major resistance is near
the $0.5720 level. Any more gains might send the price toward the
$0.5880 resistance or even $0.600 in the near term. Another
Decline? If XRP fails to clear the $0.5420 resistance zone, it
could start another decline. Initial support on the downside is
near the $0.5320 level and the trend line. The next major support
is $0.5220. If there is a downside break and a close below the
$0.5220 level, the price might continue to decline toward the
$0.5080 support in the near term. The next major support sits at
$0.5020. 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 – $0.5320 and $0.5220. Major Resistance Levels –
$0.5420 and $0.5500.
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