XRP News: XRP price is trying to climb above the $0.4700 resistance level. However, it might drop again if it can’t break through the $0.4825 resistance level.
In today’s XRP News, XRP is trying to rise above the $0.4700 resistance level, but it faces big challenges. If it can’t break through the $0.4825 resistance level, it will likely fall again, making it hard to keep recovering.
Current Market Dynamics
XRP price is having a hard time moving above the $0.4800 resistance level. Even though it’s trading above $0.4720 and the 100-hour Simple Moving Average (SMA), it’s still below important resistance levels. Recently, it broke above a bearish trend line with resistance at $0.4710 on the hourly chart. The price might gain strength if it can close above the $0.4825 resistance level.
XRP News: Price Attempts Recovery
In an attempt to rise like Bitcoin and Ethereum, XRP’s price took a swing upwards. It briefly climbed above $0.47, which looked good in the short term. But just recently, it’s hit a bit of a snag around $0.4770. It even went a little higher to $0.4769, but then came back down a bit.
Right now, XRP price’s is bouncing around $0.47. This is a key level because it’s a kind of halfway point between a recent low and high price. It’s also good news that XRP is above $0.4720 and a specific technical indicator (100-hourly SMA). If XRP can climb past $0.4770, there could be more gains ahead, but there are some hurdles to overcome first. The biggest challenge is around $0.4825. If XRP breaks through that, it could keep going up to $0.4880.
The next important resistance level is around $0.500. If the price closes above this level, it could rise further towards $0.5120. possibly even reaching up to the $0.5250 resistance level.
Potential for Another Decline
If XRP can’t break through the $0.4770 resistance level, it might start to fall again. The first support level on the downside is near $0.4740 and the 100-hour Simple Moving Average.
The next significant support is at $0.4700. If the price drops below this level and closes lower, it could continue to fall. In that scenario, the price might even drop below the $0.4620 support in the near future.
XRP News: Technical Indicators
The latest XRP news and hourly MACD for XRP/USD is showing a slowdown in the bearish momentum. The hourly RSI for XRP/USD is now above the 50 level. Key support levels for XRP include $0.4700 and $0.4620. Major resistance levels for XRP are at $0.4770 and $0.4825.
The XRP News about the price is at a crucial point. Although there are hints of possible recovery, important resistance levels could slow down progress. Traders need to keep a close watch on the $0.4770 and $0.4825 resistance zones. If XRP fails to break through these levels, it might move lower again. On the other hand, a decisive breakthrough could trigger a stronger uptrend, possibly pushing XRP to even higher resistance levels.
Also Read: XRP Price Dips to $0.480: Big Chance for Price Breakout?
