XRP price is recovering above the $0.500 resistance. The price is indicating a positive bias and could rise above the $0.580 and $0.600 levels.
XRP is attempting a recovery wave above the $0.50 zone. The price is now trading above $0.5150 and the 100 simple moving average (4-hours). There was a break above a key bearish trend line with resistance at $0.5220 on the 4-hour chart of the XRP/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it closes above the $0.580 resistance.
XRP Price Points Higher
After a sharp decline, XRP price found support near the $0.3880 zone. It formed a base and started a new rise above the $0.450 resistance, like Bitcoin and Ethereum. The bulls were able to push the price above the $0.50 resistance. The price rose above the 50% Fibonacci retracement level of the downward move from the high of $0.6420 to the low of $0.3875.
Additionally, there was a break above a key downtrend line with resistance at $0.5220 on the 4-hour chart of the XRP/USD pair. The price is now trading above $0.5150 and the 100 simple moving average (4-hours). The immediate resistance is near the $0.5650 level. The next key resistance is near $0.5820 or the 76.4% Fib retracement level of the downward move from the high of $0.6420 to the low of $0.3875.
A close above the $0.5820 resistance zone could lead to a sharp rise. The next key resistance is near $0.620. If the bulls remain in action above the $0.620 resistance level, there could be a rally towards the $0.680 resistance. Any further gains could send the price towards the $0.700 resistance.
XRP Price Sees Breakout as Analyst Predicts Possible 150% Rise
The XRP price, the native token of the XRP Ledger, has shown tentative signs of life in recent days, breaking through the psychological barrier of $0.50 to now trade at $0.547 per token. This stability comes after a prolonged period of consolidation, and one analyst believes its price could soar 150%.
In a recently published post on microblogging platform X (formerly known as Twitter), analyst Egrag Crypto revealed that he believes a technical indicator often seen as a bullish signal.
This pattern, along with other technical factors, suggests a possible setup for a notable price increase, according to the analyst, which could see the native XRP Ledger token rise to $1.4, which would represent a 150% increase with compared to current levels.
In his post, Egrag Crypto wrote that the double bottom formation “is giving us a strong bullish signal” and added that it has “high confidence that the trend will begin soon.”
Another Drop?
If XRP fails to break above the $0.5820 resistance zone, it could start another decline. Initial support on the downside is near the $0.540 level. The next major support is at $0.5150.
If there is a break down and a close below the $0.5150 level, the price could accelerate lower. In the given case, the price could retest the $0.4650 support zone.
4-Hour MACD Technical Indicators. The MACD for XRP/USD is now gaining pace in the bullish zone.
4-hour RSI (Relative Strength Index). The RSI for XRP/USD is now above the 50 level.
Major Support Levels. $0.540, $0.5150, and $0.4650.
Main resistance levels. $0.5650, $0.5820 and $0.6200.
By Audy Castaneda
