Ethereum

bullish

Resistance

XRP price started a recovery wave above the $0.4880 resistance. The price could gain bullish momentum if it clears the $0.5220 resistance. 
<ul> 
 <li>XRP price started a decent recovery wave above the $0.4750 and $0.4880 levels.</li> 
 <li>The price is now trading below $0.5220 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $0.5040 on the hourly chart of the XRP/USD pair (data source from Kraken).</li> 
 <li>The pair could continue to recover higher if it clears the $0.5220 resistance zone.</li> 
</ul> 
<h2 id="xrp-price-regains-strength">XRP Price Regains Strength</h2> 
XRP price formed a base above $0.4320 and started a recovery wave like <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-climb-3550/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-strength-55k/" target="_blank" rel="noopener ">Bitcoin</a>. The price was able to surpass the $0.4750 and $0.4880 resistance levels. 
There was a move above the 50% Fib retracement level of the downward move from the $0.5767 swing high to the $0.4320 low. Besides, there was a break above a key bearish trend line with resistance at $0.5040 on the hourly chart of the XRP/USD pair. 
However, the price is facing hurdles near the $0.5200 zone. It is still trading below $0.520 and the 100-hourly Simple Moving Average. On the upside, the price is facing hurdles near the $0.5220 level and the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the downward move from the $0.5767 swing high to the $0.4320 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_f803f7.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-633641 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_f803f7.png?resize=1024%2C461" alt="XRP Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_f803f7.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_f803f7.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_f803f7.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_f803f7.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_f803f7.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_f803f7.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/08/XRP_Price_f803f7.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first major resistance is near the $0.5420 level. The next key resistance could be $0.5750. A clear move above the $0.5750 resistance might send the price toward the $0.5840 resistance. The next major resistance is near the $0.5920 level. Any more gains might send the price toward the $0.600 resistance or even $0.6120 in the near term. 
<h2 id="another-drop">Another Drop?</h2> 
If XRP fails to clear the $0.5220 resistance zone, it could start another decline. Initial support on the downside is near the $0.4980 level. The next major support is at $0.4880. 
If there is a downside break and a close below the $0.4880 level, the price might continue to decline toward the $0.4660 support in the near term. The next major support sits at $0.4500. 
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 – $0.4980 and $0.4880. 
Major Resistance Levels – $0.5220 and $0.5420.

XRP Price Eyes Breakout: Will It Surge Past Resistance?

Table of Contents

NewsBTC

Other articles published on Aug 7, 2024

Solana Memecoin Trump vs SEC Will Rally Over 18,000% Before Exchange Listings, As SHIB and DOGE C...

BOJ President Considers Revising Interest Rate Hike if Markets Destabilize

Weekly Article Recap: 7/29-8/02

Bitcoin Falls by 16% in One day! A Record Since FTX!

Crypto Recovery Scam Busted: Lauchlan Charged With Grand Larceny

Weekly Article Recap: 7/29-8/02

Join our free newsletter for daily crypto updates!