XRP price has initiated a decent recovery wave after finding support at $0.4600. The price has now surpassed the $0.4850 mark and reclaimed the 100-hourly Simple Moving Average. This positive momentum indicates a potential for further upside movement in the near future.
One significant development is the break above a key bearish trend line with resistance at $0.4860 on the hourly chart of the XRP/USD pair. This breakout suggests a shift in market sentiment towards a more bullish outlook. The bulls managed to hold their ground near the $0.4600 support level, paving the way for a recovery wave similar to what was seen in other cryptocurrencies like Ethereum.
As the price of XRP continues to climb, it faces resistance levels near $0.4950, $0.4980, and $0.5050. A decisive close above the $0.5050 resistance zone could signal a further upward movement towards the $0.5250 level. Breaking through the $0.5250 resistance would set the stage for a steady increase towards the $0.5320 and $0.5500 resistance levels.
On the downside, initial support is seen near the $0.4850 level and the 100-hourly Simple Moving Average. A breach below this support level could expose the price to further downside risks, with the next major support at $0.4720. If the price fails to hold above $0.4720, it may gain bearish momentum and retest the $0.460 support level in the short term.
The Hourly MACD for XRP/USD is showing signs of gaining momentum in the bullish zone. Meanwhile, the Hourly RSI has crossed above the 50 level, indicating a positive shift in momentum towards buyers. These technical indicators support the idea of a potential upside in XRP price in the coming days.
The recent recovery wave in XRP price, along with the breakout of key resistance levels and bullish technical indicators, suggests a bullish trend in the short term. However, traders should keep a close eye on the critical resistance and support levels mentioned to gauge the potential upside and downside risks.
