XRP Bulls Eye Recovery Above $0.440: Technical Breakout Imminent?

crypto-news-flash.com 10 July 2024 14:58, UTC

XRP is showing signs of a bullish trend with the token trading above $0.430 but needs to break through the $0.440 and $0.450 resistance levels to solidify this upward trend.
Non-compliance with this, XRP could result in another decline, with key support at $0.420 and $0.4050 in sight.

The crypto markets have shown signs of recovery in the past few days and XRP has not been left behind.

At the time of writing, XRP is exchanging hands at $0.4406 making a 1.42% surge. As demonstrated, XRP’s price is treading above the recovery level of the $0.4220 zone. XRP’s price, simply hovering above $0.43 is showing the live functions of a bullish trend.

bullish signal. These resistance levels coincide with Fibonacci retracement levels, which are technical indicators used to identify potential support and resistance zones. In this case, the $0.440 level represents the 76.4% retracement of the recent downward move.

However, While technical indicators point to a bullish direction, XRP has major impediments that need increased emphasis. With a select group showcasing a bearish sentiment, the bears are showing resistance near the $0.4380 and $0.440 levels. If the bears outwit the bulls, a reversal is highly expected and a downward trend is likely to occur.

The initial support level on the downside begins near the $0.4320 level. The next major support is at $0.420. A downside break and a close below the $0.420 level could lead to a continued decline toward the $0.4050 support in the near term.

Looking at the hourly Moving Average Convergence Divergence (MACD) of XRP/USD, which shows momentum, is showing fading signs of the bearish zone. This suggests that the downward momentum might be weakening. However, the Relative Strength Index (RSI) is hovering above 50, indicating that the coin might not be oversold yet.

While XRP struggles to break through the $0.440 and $0.450 support level, as earlier reported on CNF, one crypto analyst alias LUDXRPFLR, on the X app came out strong giving a bullish prediction for XRP. According to the analyst, XRP is on the brink of a significant price surge. Sharing his insights, the analyst based the bullish argument on the fact that the XRP price in the higher time frame has been forming a similar fractal pattern with the pre-2017 consolidation.

If history was pleasant enough to repeat itself, XRP price would first soar to the $2 level. which coincides with the weekly 0.5 Fibonacci Extension. Going a step further, after successful consolidation, the analyst stated that the token would attain a new all-time high reaching the $16 level.