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

▲ XRP (XRP)

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

According to cryptocurrency media NewsBTC on April 10 (local time), XRP began its recovery by moving past the $1.3380 and $1.340 zones. The current price is consolidating its upward momentum and is moving to break the $1.3550 resistance. 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 Fibonacci 38.2% 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 decisively breaks above the $1.3550 resistance, the next target is expected to be the $1.360 level. A breakthrough based on the closing price could extend the gains to $1.380 and $1.3880, after passing the Fibonacci 61.8% retracement level of $1.3680. Analysis suggests that if the upward momentum strengthens further, there is a good possibility of attempting to reclaim the $1.40 mark.

Conversely, if the attempt to breach the $1.3550 resistance fails, a downward correction may begin again. In case of a decline, the first support line is around $1.340, with $1.3350 and $1.3220 successively acting as strong defensive barriers. 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 gradually gaining speed in the bullish zone, and the Relative Strength Index (RSI) is also above the baseline of 50, reflecting a buying-dominant sentiment. XRP's actions over the next few days are expected to be a crucial indicator determining the overall price trend for the year. Changes in trading volume, which will decide whether the high is broken, and the overall recovery of market sentiment are expected to determine the success or failure of the upcoming 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.*