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XRP Price Recovery Encounters Hurdles: Will It Prevail?

Started by Bitcoin, Aug 06, 2024, 06:39 am

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XRP Price Recovery Encounters Hurdles: Will It Prevail?

XRP price started a recovery wave from the $0.4320 support. The price is up over 8% and now faces hurdles near the $0.5120 zone.



  • XRP price traded below the $0.500 and $0.4550 support levels.

  • The price is now trading below $0.5250 and the 100-hourly Simple Moving Average.

  • There is a key bearish trend line forming with resistance at $0.5120 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • The pair could continue to recover higher if it clears the $0.5150 resistance zone.


XRP Price Starts Recovery Wave


XRP price extended losses below the $0.500 support like Ethereum and Bitcoin. The bears even pushed the price below the $0.4550 support zone.


The price tested the $0.4320 zone. A low was formed at $0.4320 and the price recently started a recovery wave. There was a move above the $0.4550 and $0.480 resistance levels. The price climbed above the 50% Fib retracement level of the downward wave from the $0.5765 swing high to the $0.4320 low.


The price is still trading below $0.550 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $0.5120 on the hourly chart of the XRP/USD pair.


The bulls are now facing a major hurdle near the trend line and $0.5150. The first major resistance is near the $0.540 level and the 100-hourly Simple Moving Average. It is close to the 76.4% Fib retracement level of the downward wave from the $0.5765 swing high to the $0.4320 low.


XRP Price

The next key resistance could be $0.550. A clear move above the $0.550 resistance might send the price toward the $0.5550 resistance. The next major resistance is near the $0.5680 level. Any more gains might send the price toward the $0.580 resistance or even $0.5880 in the near term.


Another Decline?


If XRP fails to clear the $0.5120 resistance zone, it could start another decline. Initial support on the downside is near the $0.4880 level. The next major support is at $0.4750.


If there is a downside break and a close below the $0.4750 level, the price might continue to decline toward the $0.4500 support in the near term. The next major support sits at $0.4320.


Technical Indicators


Hourly MACD - The MACD for XRP/USD is now gaining pace in the bullish zone.


Hourly RSI (Relative Strength Index) - The RSI for XRP/USD is now above the 50 level.


Major Support Levels - $0.4880 and $0.4750.


Major Resistance Levels - $0.5120 and $0.5400.


Source: XRP Price Recovery Encounters Hurdles: Will It Prevail?