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XRP Price Set For Comeback: Breaking This Resistance Could Trigger Recovery

July 10, 2024
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XRP price is consolidating above the $0.420 support zone. The price could gain bullish momentum if there is a move above the $0.440 and $0.4450 resistance levels.

  • XRP price is attempting a recovery wave above the $0.4220 zone.
  • The price is now trading above $0.430 and the 100-hourly Simple Moving Average.
  • There is a short-term contracting triangle forming with resistance at $0.4370 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might start a decent upward move if it clears the $0.440 and $0.450 resistance levels.

XRP Price Aims Higher

XRP price formed a base above the $0.4050 level and recently started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above the $0.420 and $0.4250 resistance levels.

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The bulls were able to push the price above the 61.8% Fib retracement level of the downward move from the $0.4500 swing high to the $0.4035 low. However, the bears seem to be active near the $0.4380 and $0.440 levels. There is also a short-term contracting triangle forming with resistance at $0.4370 on the hourly chart of the XRP/USD pair.

The pair is now trading above $0.4270 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4370 level.

The first major resistance is near the $0.4400 level or the 76.4% Fib retracement level of the downward move from the $0.4500 swing high to the $0.4035 low. The next key resistance could be $0.450. A clear move above the $0.450 resistance might send the price toward the $0.4720 resistance. The next major resistance is near the $0.480 level. Any more gains might send the price toward the $0.4880 resistance.

Another Drop?

If XRP fails to clear the $0.440 resistance zone, it could start another decline. Initial support on the downside is near the $0.4320 level.

The next major support is at $0.420. If there is a downside break and a close below the $0.420 level, the price might continue to decline toward the $0.4050 support in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

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

Major Support Levels – $0.4200 and $0.4050.

Major Resistance Levels – $0.4400 and $0.4500.

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Disclaimer: Information found on cryptoreportclub.com is those of writers quoted. It does not represent the opinions of cryptoreportclub.com on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
cryptoreportclub.com covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023-2025 Cryptoreportclub. All Rights Reserved