XRP, Support Line Confirmed...Ready for Rally Following Bitcoin

▲ XRP

XRP has entered a full-fledged rebound phase, attempting to break through key resistance levels.

According to cryptocurrency media NewsBTC on April 10 (local time), XRP began its recovery by breaking above the $1.3380 and $1.340 levels. The current price is consolidating upward momentum and moving to break through the $1.3550 resistance level. Similar to the trends of Bitcoin (BTC) and Ethereum (ETH), XRP has settled above the $1.3220 support line, entering a short-term positive territory.

The market views the downtrend line formed at $1.3550 on the hourly chart as the biggest turning point for the short-term trend. XRP has already broken above the 38.2% Fibonacci retracement level of the recent decline from $1.3963 to $1.3222. The current price is trading above the $1.340 level and the 100-hour simple moving average, engaging in a battle with sellers positioned around $1.350.

If the price definitively breaks above the $1.3550 resistance level, the next target is expected to be the $1.360 level. A close above this could extend the gains to $1.380 and $1.3880, passing the 61.8% Fibonacci retracement level at $1.3680. Analysis suggests there is a strong possibility of attempting to reclaim the $1.40 high if the upward momentum strengthens further.

Conversely, if the attempt to breach the $1.3550 resistance level fails, a downward correction may begin again. In case of a decline, the primary support level is around $1.340, with $1.3350 and $1.3220 expected to act as strong defensive barriers in succession. If even the $1.3220 support line breaks, the price could drop to the early $1.30s in the short term, requiring caution from investors.

Technical indicators show that the Moving Average Convergence Divergence (MACD) is slowly accelerating in the bullish zone, and the Relative Strength Index (RSI) is also above the baseline of 50, reflecting a bullish sentiment. XRP's performance in the coming days is expected to be a crucial indicator determining the overall price trend for the year. Changes in trading volume, which will decide whether it breaks past its highs, and the overall recovery of market sentiment will determine the success of the future rally.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*