XRP price breaks out above key moving average amid recovery
XRP price rebounds, faces resistance, bullish signs on the hourly chart.
- XRP breaks out above key moving average amid recovery
- Price tests resistance after recent recovery move
- Technicals signal bullish momentum on hourly chart
XRP price has recovered from recent lows and is trading above a key hourly moving average, according to technical analysis data.
The cryptocurrency declined below a support level alongside other major digital assets before forming a low and beginning a recovery wave. XRP (XRP) price broke above a bearish trend line on the hourly chart, the report stated.
The asset moved above several short-term resistance levels and key retracement levels from the prior downward movement, according to the analysis. Price action remains supported by the hourly moving average following the break above the trend line.
If the upward movement continues, XRP may encounter resistance in the immediate area, with additional hurdles at higher levels, the report noted. A close above the main resistance pivot could lead toward higher resistance zones, while further gains would meet progressively stronger barriers, according to the technical assessment.
Failure to clear the main resistance zone could trigger a fresh decline, the analysis indicated. Initial support on the downside sits near recent intraday support levels, with the next major support closer to the recent low. A break and close below that level could push the price toward prior support zones.
Technical indicators show bullish momentum on the hourly MACD, while the hourly RSI has moved above the midpoint, the analysis stated. Major support and resistance levels are clustered around recent lows and highs and are expected to guide near-term price action.
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