The XRP price recently surged and tested the $0.4880 resistance zone. While it’s correcting gains, the bulls are holding the $0.4765 support level.
XRP Price Analysis
XRP saw an increase, unlike Bitcoin and Ethereum, pushing above the $0.4840 mark. However, it faced resistance near $0.4880, and the price started to pull back. Despite this, it’s trading above $0.4750 and the 100-hourly Simple Moving Average (SMA).
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Key Technical Points
- Current Status: XRP corrected from $0.4880 and now hovers around $0.4765.
- Support Level: $0.4765 is crucial, with the price staying above the 100-hourly SMA.
- Resistance Levels: Immediate resistance at $0.4820, with significant resistance at $0.4880. A move past $0.4880 could push the price towards $0.50 and possibly $0.5050 or $0.5250.
Potential Downside
If XRP doesn’t surpass $0.4820, it may drop further. The primary support is at $0.4765, and a break below this could lead to a decline to $0.4650.
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Technical Indicators
- MACD: The hourly MACD for XRP/USD is losing momentum in the bearish zone.
- RSI: The hourly RSI for XRP/USD is below 50, indicating slight bearishness.
- Support Levels: $0.4765 and $0.4740.
- Resistance Levels: $0.4840 and $0.4880.
Conclusion
The current dip in XRP might be a buying opportunity, provided it holds above the key support level of $0.4765. Keep an eye on the $0.4880 resistance; breaking through it could signal further gains.
