XRP Bulls Flex Muscles: Potential Uptrend in Play?



XRP
price
dipped
but
the
bulls
were
active
near
the
$0.4700
support.
The
price
reclaimed
the
100-hourly
SMA
and
might
continue
to
rise
if
it
clears
$0.4950.

  • XRP
    price
    found
    support
    at
    $0.4700
    and
    started
    a
    recovery
    wave.
  • The
    price
    is
    now
    trading
    above
    $0.4800
    and
    the
    100-hourly
    Simple
    Moving
    Average.
  • There
    was
    a
    break
    below
    a
    major
    bullish
    trend
    line
    with
    support
    at
    $0.4915
    on
    the
    hourly
    chart
    of
    the
    XRP/USD
    pair
    (data
    source
    from
    Kraken).
  • The
    pair
    could
    continue
    to
    rise
    unless
    it
    fails
    to
    stay
    above
    the
    $0.4820
    support
    zone.

XRP
Price
Aims
Higher

XRP
price
failed
to
clear
the
$0.520
resistance
and
reacted
to
the
downside
like

Bitcoin
and

Ethereum.
There
was
a
sharp
decline
below
the
$0.500
and
$0.4850
support
levels.
There
was
a
break
below
a
major
bullish
trend
line
with
support
at
$0.4915
on
the
hourly
chart
of
the
XRP/USD
pair.

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However,
the
bulls
took
a
stand
near
$0.4700.
The
price
started
another
upward
move
from
the
$0.4700
low.
There
was
a
move
above
the
$0.4750
and
$0.4820
resistance
levels.
The
price
even
cleared
the
23.6%
Fib
retracement
level
of
the
downward
move
from
the
$0.5202
swing
high
to
the
$0.4700
low.

The
price
is
now
trading
above
$0.4800
and
the
100-hourly
Simple
Moving
Average.
On
the
upside,
the
price
is
facing
resistance
near
the
$0.4950
level
and
the
50%
Fib
retracement
level
of
the
downward
move
from
the
$0.5202
swing
high
to
the
$0.4700
low.

Source:

XRPUSD
on
TradingView.com

The
first
key
resistance
is
near
$0.500.
The
next
major
resistance
is
near
the
$0.520
level.
A
close
above
the
$0.520
resistance
zone
could
send
the
price
higher.
The
next
key
resistance
is
near
$0.5320.
If
there
is
a
close
above
the
$0.5320
resistance
level,
there
could
be
a
steady
increase
toward
the
$0.5500
resistance.
Any
more
gains
might
send
the
price
toward
the
$0.5550
resistance.

Another
Decline?

If
XRP
fails
to
clear
the
$0.4950
resistance
zone,
it
could
start
another
decline.
Initial
support
on
the
downside
is
near
the
$0.4865
level
and
the
100-hourly
Simple
Moving
Average.

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The
next
major
support
is
at
$0.4820.
If
there
is
a
downside
break
and
a
close
below
the
$0.4820
level,
the
price
might
gain
bearish
momentum.
In
the
stated
case,
the
price
could
decline
and
retest
the
$0.4550
support
in
the
near
term.

Technical
Indicators

Hourly
MACD

The
MACD
for
XRP/USD
is
now
losing
pace
in
the
bearish
zone.

Hourly
RSI
(Relative
Strength
Index)

The
RSI
for
XRP/USD
is
now
below
the
50
level.

Major
Support
Levels

$0.4820
and
$0.4700.

Major
Resistance
Levels

$0.4950
and
$0.500.

Go to Source
Author: Aayush Jindal


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