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Home»EXCHANGE NEWS»XRP Price Prediction – Can the 100 SMA Trigger Another Steady Increase?
EXCHANGE NEWS

XRP Price Prediction – Can the 100 SMA Trigger Another Steady Increase?

By Crypto FlexsMay 7, 20243 Mins Read
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XRP Price Prediction – Can the 100 SMA Trigger Another Steady Increase?
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XRP price is correcting the rise above the $0.570 resistance. The price is stable above the $0.5240 support and may target a fresh rally in the near term.

  • XRP began a significant rally and moved above the $0.550 resistance level.
  • The price is currently trading above $0.5250 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the XRP/USD pair, there is a major bullish trendline forming around support at $0.5320 (data source from Kraken).
  • If the bulls defend the $0.5240 support, the pair could start another increase.

XRP price maintains support

Recently, the price of XRP started to rise significantly above the $0.5250 resistance zone. The bulls pushed the price above the $0.550 resistance zone before the bears emerged.

A high was formed at $0.5699 before declines like Bitcoin and Ethereum took hold. The price fell below the $0.550 support area. The price fell below the 23.6% Fib retracement level, rising from the $0.4787 swing low to the $0.5699 high.

But now the price is stable above $0.5250 and the 100 simple moving average (4-hours). There is also a major bullish trendline with support at $0.5320 on the 4-hours chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

Immediate resistance is near the $0.5480 level. The first major resistance is near $0.570. A break above the $0.570 resistance could trigger a strong rally. The next major resistance is near $0.5850. If the bulls continue to see activity above the $0.5850 resistance, there could be a rally towards the $0.620 resistance. Any more profits could push the price towards the $0.680 resistance.

Are there more losses?

If XRP fails to clear the $0.5480 resistance area, another decline could begin. Initial support for the downside is near the $0.5320 level and trendline.

The next major support is at $0.5240 and the 100 simple moving average (4-hours). A downward breakout and a close below the $0.5240 level could push the price lower. If noted, the price may retest the $0.50 support area.

technical indicators

4-Hour MACD – The MACD for XRP/USD is now losing speed in bullish territory.

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

Key support levels – $0.5320, $0.5240 and $0.500.

Key resistance levels – $0.5480, $0.570, $0.600.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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