As a seasoned crypto investor with a few years of experience under my belt, I’ve seen the ups and downs of XRP price action numerous times. The current struggle for XRP to gain momentum above the $0.50 resistance is not new territory for me.
XRP’s price has been having a hard time climbing steadily above the $0.50 mark. In order for it to pick up momentum and trend bullishly in the short term, it needs to first establish itself above both $0.50 and $0.510.
- XRP price started a minor upward move from the $0.4765 zone.
The price is now trading above $0.4850 and the 100-hourly Simple Moving Average.
There is a short-term rising channel forming with resistance at $0.500 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a decent increase if it clears the $0.50 and $0.510 resistance levels.
XRP Price Consolidates
The price of XRP dipped beneath $0.50, mimicking Bitcoin‘s earlier trend, before bulls reemerged. It reached a low of $0.4765 and has since initiated an upward swing. A notable low was established at $0.4765.
The price surpassed the $0.4800 and $0.4850 resistance points, reaching new heights. It also climbed over the 50% Fibonacci retracement mark of the recent downswing from the peak of $0.5105 to the trough of $0.4765. Presently, the price is hovering above $0.4850 and the 100-hour moving average.
The price of XRP/USD is encountering obstacles around $0.4980 and $0.50. An uptrend line is emerging on the hourly chart, with resistance at $0.500. This level aligns with the 61.8% Fibonacci retracement mark of the recent slide from the peak of $0.5105 to the trough of $0.4765.
As an analyst, I would interpret a clear break above the $0.50 resistance as a strong signal for the price to advance further. This could potentially push the price up towards the next resistance at $0.510. Moving forward, a successful close above the $0.520 resistance level would be an even more bullish sign, potentially paving the way for higher prices around $0.5320.
Should the bulls manage to drive the price past the $0.5320 barrier, we may witness a gradual rise in value, potentially reaching the $0.550 resistance level. Further progress could lead the price up to the $0.5650 resistance point.
Another Decline?
As a crypto investor, if XRP doesn’t manage to break through the $0.50 resistance mark, there’s a chance it may initiate another drop. The initial support for XRP lies around the $0.490 mark, and the downward trending channel serves as an additional cushion.
As a researcher studying the financial markets, I would interpret the next significant support level as being at $0.4840. Should the price breach this level and close below it, the bearish sentiment is likely to pick up momentum. In such a scenario, the price may even dip further down towards the previous low of $0.4765 in the short term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.4840 and $0.4765.
Major Resistance Levels – $0.500 and $0.510.
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-06-20 06:58