XRP Price Shows Positive Momentum with Break Above Key Moving Average

XRP has recently bounced back and is now trading above an important hourly moving average, indicating a potential recovery.

Key Takeaways

XRP has recovered from recent lows and is currently above a crucial hourly moving average.
The cryptocurrency broke above a bearish trend line and several short-term resistance levels.
If upward momentum continues, XRP may face resistance in the near term with additional hurdles at higher levels.
A failure to surpass the main resistance zone could result in further declines.
Technical indicators are showing bullish momentum, with support and resistance levels identified for near-term price action.

XRP price breaks out above key moving average amid recovery - 1

XRP has seen a rebound from recent lows, climbing above key resistance levels. Despite facing challenges, the indicators suggest a bullish trend. Analysts believe that further upward movement is possible, but caution about the risks of declining prices if key resistance levels are not surpassed.

XRP's Recent Price Recovery

The price of XRP has increased after hitting recent lows, now trading above an important hourly moving average based on technical analysis. Earlier, XRP, along with other significant cryptocurrencies, fell below a support level but later established a low and initiated a recovery phase.

According to the report, XRP managed to break through a bearish trend line on its hourly chart. The asset has surpassed multiple short-term resistance levels and key retracement levels from its previous downward trend.

Currently, the price action is bolstered by the hourly moving average, which provides support following the break above the trend line. If this upward trajectory persists, XRP might face immediate resistance, along with additional challenges at higher price points.

The report indicates that closing above the primary resistance pivot could open the way toward higher resistance zones, while any further price gains might encounter progressively stronger barriers.

However, the analysis warns that failing to overcome the main resistance area could trigger another decline. Initial support on the downside is near recently established intra-day support levels, while the significant support lies closer to the recent low. A break and close below this level could lead XRP toward previous support zones.

Technical indicators, including the hourly MACD, are showing signs of bullish momentum, and the hourly RSI has risen above the midpoint. Major support and resistance levels are clustered around recent lows and highs, which are anticipated to help guide price movements in the near term.