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Home»EXCHANGE NEWS»XRP price recovers $0.50 and indicators suggest a new surge towards $0.70.
EXCHANGE NEWS

XRP price recovers $0.50 and indicators suggest a new surge towards $0.70.

By Crypto FlexsApril 27, 20243 Mins Read
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XRP price is recovering above the $0.500 resistance. The price is showing a positive bias and may bounce above the $0.580 and $0.600 levels.

  • XRP is attempting a recovery above the $0.50 area.
  • The price is currently trading above $0.5150 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the XRP/USD pair (data source from Kraken), a breakout occurred above the main bearish trendline with resistance at $0.5220.
  • A close above the $0.580 resistance line could give the pair some bullish momentum.

XRP Price Aims Higher

After the sharp decline, XRP price found support near $0.3880. Like Bitcoin and Ethereum, it formed a base and started a new rise above the $0.450 resistance level. The bulls were able to push the price above the $0.50 resistance.

The price broke above the 50% Fib retracement level moving down from the $0.6420 swing high to the $0.3875 low. Moreover, the XRP/USD pair broke the key bearish trend line at $0.5220, which is the resistance level on the 4-hours chart.

The price is currently trading above $0.5150 and the 100 simple moving average (4-hours). Immediate resistance is near the $0.5650 level. The next major resistance is the 76.4% Fib retracement level near $0.5820 or a downside move from the $0.6420 swing high to the $0.3875 low.

Source: XRPUSD on TradingView.com

A break above the $0.5820 resistance could trigger a strong rally. The next major resistance is near $0.620. If the bulls continue to be active above the $0.620 resistance, there could be a rally towards the $0.680 resistance. Any more profits could push the price towards the $0.700 resistance.

Another drop?

If XRP fails to clear the $0.5820 resistance area, another decline could begin. Initial support for the downside is near the $0.540 level.

The next major support is at $0.5150. A downward breakout and a close below the $0.5150 level could push the price lower. If indicated, the price may retest the $0.4650 support area.

technical indicators

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

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

Key support levels – $0.540, $0.5150 and $0.4650.

Key resistance levels – $0.5650, $0.5820 and $0.6200.

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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