XRP Price Recovery Encounters Hurdles: Will It Prevail?
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XRP price has initiated a recovery wave from the $0.4320 support, climbing over 8% but encountering resistance around the $0.5120 zone. The price has previously dipped below the $0.500 and $0.4550 support levels and is now trading under $0.5250 and the 100-hourly Simple Moving Average.
A stringent bearish trend line is forming, posing resistance at $0.5120 on the hourly chart of the XRP/USD pair, according to data from Kraken. For XRP to continue its upward recovery, it needs to break through the $0.5150 resistance zone.
The initial recovery saw XRP price rise above the key support levels of $0.4550 and $0.480. It also climbed past the 50% Fib retracement level from a high of $0.5765 to a low of $0.4320. However, it remains below $0.550 and the 100-hour Simple Moving Average.
For the short-term movement, the first major resistance stands near $0.540 and the 100-hourly Simple Moving Average, close to the 76.4% Fib retracement level. Subsequent resistances could push the price to $0.5550, $0.5680, and potentially up to $0.580 or $0.5880.
However, if XRP struggles to break the $0.5120 resistance zone, a decline may follow. Key initial support levels to watch are $0.4880 and $0.4750. Failure here could drive the price further down to $0.4500 and eventually back to the primary support at $0.4320.
Technical indicators are showing a bullish trend, with the MACD gaining pace in the bullish zone and the RSI positioned above the 50 level, indicating some bullish momentum.
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