XRP Price Soars 20% Then Corrects: Is Another Rally on the Horizon?
15 July 2024 - 2:58PM
NEWSBTC
XRP price gained bullish momentum above the $0.50 resistance zone.
The price is consolidating gains and might aim for another move
above the $0.5450 resistance zone. XRP price gained over 20% in a
few days and broke the $0.500 zone. The price is now trading above
$0.5050 and the 100-hourly Simple Moving Average. There is a
short-term contracting triangle forming with support at $0.520 on
the hourly chart of the XRP/USD pair (data source from Kraken). The
pair could extend gains if there is a close above the $0.540
resistance level. XRP Price Regains Strength XRP price remained in
a positive zone above the $0.440 level and extended its recovery
wave. It gained over 20% in a few days, outperforming Ethereum and
Bitcoin. The price was able to climb above the $0.5050 and $0.5200
resistance levels. The price even cleared the $0.5450 level and
spiked above $0.550. A high was formed at $0.5659 and the price
corrected gains. There was a minor decline below the $0.5450 level.
The price tested the $0.5150 support zone. A low was formed at
$0.5140 and the price is now consolidating. There was a move above
the 23.6% Fib retracement level of the downward move from the
$0.5659 swing high to the $0.5140 low. The price is now trading
above $0.520 and the 100-hourly Simple Moving Average. Besides,
there is a short-term contracting triangle forming with support at
$0.520 on the hourly chart of the XRP/USD pair. On the upside, the
price is facing resistance near the $0.5290 level. The first major
resistance is near the $0.5320 level. The next key resistance could
be $0.5450. A clear move above the $0.5450 resistance might send
the price toward the $0.5650 resistance. The next major resistance
is near the $0.5880 level. Any more gains might send the price
toward the $0.600 resistance. Are Dips Supported? If XRP fails to
clear the $0.5450 resistance zone, it could start a downside
correction. Initial support on the downside is near the $0.520
level. The next major support is at $0.5150. If there is a downside
break and a close below the $0.5150 level, the price might continue
to decline toward the $0.490 support in the near term. Technical
Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in
the bullish zone. Hourly RSI (Relative Strength Index) – The RSI
for XRP/USD is now above the 50 level. Major Support Levels –
$0.5200 and $0.5150. Major Resistance Levels – $0.5320 and $0.5450.
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