XRP Eyes $1.50 Breakout Amidst Volatile Recovery
XRP has embarked on a significant recovery wave, pushing past the $1.42 mark and trading confidently above the 100-hourly Simple Moving Average. This bullish momentum, mirroring similar uptrends in Bitcoin and Ethereum, saw the digital asset climb above critical Fibonacci retracement levels. However, the path ahead is fraught with challenges as XRP struggles to decisively breach the $1.50 psychological barrier, prompting close observation from traders.
Navigating Key Resistance Levels
The recent rally saw XRP reclaim levels above $1.250 and $1.320, establishing a short-term positive trajectory. It even surpassed the 50% Fib retracement level of a previous downturn, indicating strong buying interest. Despite bulls briefly pushing the price beyond $1.45, sustaining momentum above $1.50 proved difficult. A notable bearish trend line with resistance at $1.4550 currently acts as a formidable hurdle on the hourly chart. Should XRP manage a decisive close above the $1.4660 resistance, it could signal a fresh surge toward the coveted $1.50 mark. The ultimate next major resistance lies around $1.5150, which aligns with the 76.4% Fib retracement level, and a breach here could potentially propel XRP towards $1.620 and then $1.650.
Potential for Further Decline
While the current sentiment leans towards recovery, a failure to clear the $1.50 resistance zone could trigger a fresh wave of declines for XRP. Immediate downside support is anticipated near $1.40, with a more significant buffer at the $1.3850 level. A sustained break below this critical $1.3850 support could see the price drop further towards $1.330, and subsequently, to the $1.320 zone. Should this level also fail, XRP might retrace to $1.250, wiping out recent gains. Technical indicators, including the hourly MACD, are currently showing bullish momentum, and the hourly RSI is above the 50 level, suggesting that buyers still have an edge, but caution remains key.
