In the last 24 hours, XRP has traded in the range of $0.3330 and $0.3447. XRP has seen a slight uptick of 1.01% over the last 24 hours, with its price currently trading at $0.3393. The XRP/USD pair is close to the 23.6 percent Fibonacci retracement level of the previous drop from $0.3755 to $0.2975, near the 23.6 percent Fibonacci retracement level of the recent fall from $0.3755 to $0.2975.
The immediate resistance for the XRP/USD pair is at $0.4129, which is the upper end of the flag pattern. A convincing break above this level could lead to a further rally in the near term. On the downside, supports are at $0.2975 and $0.2850 levels.
Key technical points:
- XRP technical analysis is slightly bullish.
- XRP/USD pair found support at $0.2975.
- The closest resistance is at $0.4129.
- XRP is currently trading at $0.3393.
XRP Technical Analysis
On the hourly chart, the MACD indicator shows signs of a bearish crossover, which could mean the bullish momentum is losing steam. The RSI indicator is at 53.39, which is in the neutral zone. The next level of resistance for XRP lies at $0.4129, while the support levels are at $0.2975 and $0.2850.
On the other hand, the Relative Strength Index (RSI) is currently trading in the overbought region, which indicates that the price might face some selling pressure at higher levels. Looking at the intraday chart, one can notice that the XRP/USD pair has formed a bullish flag pattern, which is a continuation pattern and typically leads to breakout and up moves.
If XRP can sustain its current bullish momentum, it might make an attempt to break above the $0.4129 resistance level. On the other hand, if XRP fails to hold on to its current gains, it might pull back towards the $0.2975 support level. Overall, the bias is slightly bullish for XRP in the short term.