XRP has closed above $0.48 on the weekly chart, signaling a potentially bullish trend, as highlighted by analyst XRP Whale. This recent price action shows positive momentum, drawing the attention of investors. At press time, the price of XRP stands at $0.4981, reflecting a slight daily increase of 1.56%.
The price initially starts at around $0.489, reaching a peak before retracting and stabilizing within a narrower range. This dynamic showcases key resistance and support levels that traders should monitor.
The first resistance level is $0.498, the highest point on the chart. This level was observed during a significant price spike and acted as a barrier where the upward movement stopped before the price retraced. Another resistance level is at $0.493, just below the current price. The price tried to break through this level multiple times, establishing it as a secondary resistance.
On the support side, $0.488 emerges as a crucial level. It held the price from falling further during the downturns in the chart. This level was tested multiple times and proved to be a strong support zone. Additionally, $0.485 is the lowest observed point. The price touched this level before rebounding, indicating strong buying interest around this price.
XRP Technical Analysis Predicts a Possible BreakoutThe price dynamics reveal three distinct phases. Initially, the price started around $0.489 and experienced a sharp rise to $0.498. This surge was followed by a correction. In the mid-phase, the price oscillated between $0.488 and $0.493, highlighting a consolidation phase where neither bulls nor bears took definitive control. Finally, a recent upward trend is noticeable towards the end, with the price moving from the support at $0.488 to the current level of $0.4981, indicating potential bullish momentum.
In terms of technical indicators, the one-day RSI reads 41.81, placing XRP in a neutral position. Additionally, the one-day MACD is trading below the signal line, suggesting some downward pressure on the price in the short term.
