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Home»EXCHANGE NEWS»Can XRP price recover? Analysis of potential rebound
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Can XRP price recover? Analysis of potential rebound

By Crypto FlexsJune 4, 20242 Mins Read
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Can XRP price recover?  Analysis of potential rebound
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XRP price is slowly rising from the $0.5080 area. A rise above the $0.5250 resistance area could provide bullish momentum.

  • XRP is attempting a fresh increase above the $0.5120 area.
  • The price is currently trading above $0.5150 and the 100-hour simple moving average.
  • On the hourly chart of the XRP/USD pair (data source from Kraken), a breakout occurred above the main bearish trendline with resistance near $0.5160.
  • If there is a clear move above $0.5250, the pair could begin a significant increase.

XRP Price Eye Recovery

XRP price extended losses below the $0.5120 level, similar to Bitcoin and Ethereum. The price tested the $0.5080 area and recently began a significant recovery.

The price was able to clear the $0.5120 and $0.5150 resistance levels. On the hourly chart of the XRP/USD pair, a breakout occurred above the main bearish trendline with resistance near $0.5160. The pair cleared the 23.6% Fib retracement level of the downward move from the $0.5400 swing high to the $0.5080 low.

The price is currently trading above $0.5150 and the 100-hour simple moving average. On the other hand, the price is finding resistance near $0.5220.

The first major resistance is the 50% Fib retracement level near $0.5250 or a downside move from the $0.5400 swing high to the $0.5080 low. A break above the $0.5250 resistance could push the price higher. The next major resistance is near $0.5320.

Source: XRPUSD on TradingView.com

If the price closes above the $0.5320 resistance, there could be a steady rise towards the $0.5450 resistance. Any more profits could push the price towards the $0.5650 resistance.

Another decline?

If XRP fails to clear the $0.5250 resistance area, another decline could begin. Initial support for the downside is near the $0.5160 level.

The next major support is at $0.5080. A downward breakout and a close below the $0.5080 level could push the price lower. If indicated, the price may fall and retest the $0.50 support in the near term.

technical indicators

Hourly MACD – MACD for XRP/USD is now picking up speed in bullish territory.

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

Key support levels – $0.5160 and $0.5080.

Key resistance levels – $0.5220 and $0.5250.

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