- XRP price is attempting a fresh increase from the $0.40 support against the US dollar.
The price is now trading above $0.480 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $0.5150 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair could continue to rise if it clears the $0.5450 resistance.
The cost of XRP hovers around $0.50 versus the U.S. dollar, mirroring Bitcoin‘s trend. To move upward further soon, it is essential for XRP to maintain its position above the critical support level at $0.480.
XRP Price Analysis
Following its establishment of a foundation above the $0.400 mark, XRP‘s price versus the US Dollar commenced an upward trend. This pairs’ chart surpassed the obstacles at $0.450 and $0.4650, transitioning into a favorable territory.
On the XRP/USD chart’s 4-hour timeframe, the trendline that had acted as resistance at $0.5150, marking a significant bearish trend, was breached. Moreover, this pair moved beyond the 50% Fibonacci retracement level of the price drop from its peak at $0.6420 to its trough at $0.3875.
The current price is sitting above the $0.480 mark and the 4-hour Simple Moving Average (SMA) of $0.480. On the positive side, the price is encountering resistance around $0.5450. This level aligns with the 61.8% Fibonacci retracement point from the price drop, which went from a high of $0.6420 to a low of $0.3875.
The initial significant barrier lies around $0.580. Following this, a notable hurdle is located at approximately $0.600. If the price manages to surmount the $0.600 threshold, it could lead to substantial growth. In this scenario, the price may reach as high as $0.6240 and potentially challenge $0.650. Further advancements might push the price further upwards, approaching the $0.700 resistance level.
The stock initially faces resistance around $0.50. If it drops further, the next significant support is at approximately $0.48. Continued declines could push the price towards $0.44. A fall below this point might cause the stock to challenge the support area around $0.425.
Examining the graph, XRP‘s current price sits above the $0.500 mark and the 4-hour 55 simple moving average. In essence, this positioning may indicate the beginning of an uptrend surpassing the $0.5450 resistance level.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Key Support Levels – $0.50, $0.480, and $0.440.
Key Resistance Levels – $0.5450 and $0.580.
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2024-04-22 07:36