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XRP price rebounds strongly, breaking through key resistance level is imminent
XRP price formed a bottom above $0.4320 and started a recovery like Ethereum and bitcoin. The price successfully broke the $0.4750 and $0.4880 resistance levels.
The price broke the 50% Fibonacci retracement level of the downward move from the $0.5767 high to $0.4320 low. Moreover, 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 resistance near the $0.5200 area. It remains trading below the $0.520 level and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $0.5220 level and the 100 hourly simple moving average. It is close to the 61.8% Fibonacci retracement level of the down move from the $0.5767 swing high to $0.4320 low.
Major resistance and support levels:
Major resistance levels:The first major resistance is near the $0.5420 level. The next key resistance is likely to be $0.5750. If there is a clear break above the $0.5750 resistance, the price could move towards the $0.5840 resistance level. The next major resistance is near the $0.5920 level. If there is further gains, the price could move towards the $0.600 resistance level or even $0.6120 in the near term.
Major support levels:If XRP fails to break out of the $0.5220 resistance zone, it is likely to decline again. An 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 close below $0.4880, the price might continue to decline towards the $0.4660 support level in the near term. The next major support is at $0.4500.
Summary: XRP price has shown signs of recovery, but it still needs further efforts to break through the key resistance level of $0.5200. Investors should pay close attention to the trend in this area to capture potential breakthrough opportunities. If it can successfully break through these key resistance levels, the price may usher in greater upside in the short term.
Focus:
Major Support Levels – $0.4980 and $0.4880.
Major Resistance Levels – $0.5220 and $0.5420.
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