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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

XRP Price Targets Strong Recovery: Key Indicators and Predictions

Aayush Jindal
Aayush Jindal
10 months ago
2 mins read
XRP Price Targets Strong Recovery

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XRP price extended losses and tested the $0.4620 support. The price is now recovering and might gain bullish momentum if it clears the $0.4825 resistance.

  • XRP price remained in a bearish zone and tested the $0.4620 support zone.
  • The price is now trading below $0.4820 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $0.4785 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could recover steadily if there is a move above $0.4800 and $0.4820.

XRP Price Forms Support

XRP price failed to clear the $0.4820 resistance zone and started another decline like Bitcoin and Ethereum. There was a move below the $0.480 and $0.4750 levels. The price even spiked below $0.4650.

However, the bulls were active near $0.4620. A low was formed at $0.4619 and the price is now recovering losses. There was an upward move above the $0.4680 and $0.4720 resistance levels. The price cleared the 50% Fib retracement level of the downward move from the $0.4885 swing high to the $0.4619 low.

It is now trading below $0.4850 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4780 level. There is also a key bearish trend line forming with resistance at $0.4785 on the hourly chart of the XRP/USD pair.

The trend line is close to the 61.8% Fib retracement level of the downward move from the $0.4885 swing high to the $0.4619 low. The first major resistance is near the $0.4825 level.

XRP Price
Source: XRPUSD on TradingView.com

A clear move above the $0.4825 resistance might send the price toward the $0.4880 resistance. The next major resistance is near the $0.500 level. A close above the $0.500 resistance zone could send the price higher. The next key resistance is near $0.5250. Any more gains might send the price toward the $0.5500 resistance.

Another Decline?

If XRP fails to clear the $0.4825 resistance zone, it could start another decline. Initial support on the downside is near the $0.4680 level.

The next major support is at $0.4620. If there is a downside break and a close below the $0.4620 level, the price might decline further. In the stated case, the price could even trade below the $0.450 support in the near term.

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 – $0.4680 and $0.4620.

Major Resistance Levels – $0.4800 and $0.4825.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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