XRP price is attempting a recovery wave from the $0.4865 support level, currently trading at $0.5065, up 0.50% in the last 24 hours. The market cap stands at $28.03 billion with a 24-hour trading volume of $814 million. The price rallied above the $0.5050 mark and the 20-day Simple Moving Average (SMA), indicating a positive short-term trend.
After finding support near $0.4865, XRP started a recovery wave, breaking above the $0.4950 and $0.50 resistance levels. There was also a break above a major bearish trend line with resistance at $0.5025 on the hourly chart of the XRP/USD pair.
XRP Daily Chart Analysis: Targeting 5% Gains Amid Bullish Signals
XRP daily chart shows potential for nearly 5% gains, with the price targeting the $0.5294 level. Currently, the support level at $0.5055, which coincides with the 23.6% Fibonacci retracement level, is crucial for maintaining the current uptrend.
Key technical indicators show mixed signals; the RSI is at 48.65, suggesting a neutral sentiment but with rising buying pressure. The MACD line is below the signal line, but the diminishing red bars in the histogram hint at a possible bullish crossover soon. The Awesome Oscillator (AO) indicates a slight increase in bullish momentum with green bars.
A successful hold above the $0.5055 support could see XRP aiming for the $0.5294 resistance level. If the price breaks above this level, it could further strengthen the bullish trend, potentially leading to more significant gains. Conversely, failing to sustain above $0.5055 may result in a retest of the $0.4865 support zone, which is critical for avoiding further downside. The market sentiment and technical indicators will be crucial in determining the next move for XRP.
Immediate resistance is near the $0.5085 level. The first key resistance is near $0.5120. A close above the $0.5120 resistance zone could spark a strong increase, with the next key resistance near $0.5220. If the bulls remain active above the $0.5220 resistance level, there could be a rally towards the $0.5350 resistance. Any further gains might send the price towards the $0.550 resistance.
If XRP fails to clear the $0.5120 resistance zone, it could start another decline. Initial support on the downside is near the $0.5050 level and the 100-hourly SMA. A drop below this level could lead to a decline towards the $0.4865 support zone, and possibly further to $0.4784.
Ripple’s Legal Developments
Ripple’s recent legal developments include filing a motion to seal documents related to the remedies phase of the SEC lawsuit. The SEC has stated it does not oppose Ripple’s request, indicating a possible positive outcome for Ripple. This legal progress has also contributed to XRP’s price stability and potential upward movement.
The trading volume for XRP derivatives has increased, indicating heightened interest and activity. However, the open interest has slightly decreased, suggesting a mix of profit-taking and new positions being opened. The recent data shows substantial liquidations, with higher liquidations on long positions compared to short positions, reflecting unexpected price drops catching traders off guard.
