The post XRP Bulls Eye Recovery Above $0.440 After Holding Key Support appeared on BitcoinEthereumNews.com.

XRP is showing signs of a bullish trend with the token trading above $0.430 but needs to break through the $0.440 and $0.450 resistance levels to solidify this upward trend. Non-compliance with this, XRP could result in another decline, with key support at $0.420 and $0.4050 in sight. The crypto markets have shown signs of recovery in the past few days and XRP has not been left behind.  At the time of writing, XRP is exchanging hands at $0.4406 making a 1.42% surge. As demonstrated, XRP’s price is treading above the recovery level of the $0.4220 zone. XRP’s price, simply hovering above $0.43 is showing the live functions of a bullish trend.  Focusing on the hourly chart, XRP is trading above the 100-hourly Simple Moving Average (SMA). This technical indicator further supports the potential bullish momentum suggesting a possible change in momentum towards the upside.  Additionally, there’s a short-term contracting triangle forming on the chart, with resistance near $0.4370. A breakout above this level, followed by a sustained move past $0.440 and $0.450, could be a significant bullish signal. These resistance levels coincide with Fibonacci retracement levels, which are technical indicators used to identify potential support and resistance zones. In this case, the $0.440 level represents the 76.4% retracement of the recent downward move.  However, While technical indicators point to a bullish direction, XRP has major impediments that need increased emphasis. With a select group showcasing a bearish sentiment, the bears are showing resistance near the $0.4380 and $0.440 levels. If the bears outwit the bulls, a reversal is highly expected and a downward trend is likely to occur.  The initial support level on the downside begins near the $0.4320 level. The next major support is at $0.420. A downside break and a close below the $0.420 level could lead to a…

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Filed under: News - @ July 11, 2024 8:18 am