As a researcher with experience in cryptocurrency market analysis, I’m keeping a close eye on the price action of XRP. After a strong upward move that saw the price test the $0.4840 resistance zone, we’ve seen a correction. The bulls were able to protect the $0.4750 support and the price is now trading above the 100-hourly Simple Moving Average.
The XRP price surged upwards, reaching the resistance point of $0.4840. However, after a correction, the price recovered and managed to preserve the support level at $0.4750.
- XRP price is eyeing an upside break above the $0.4840 resistance zone.
The price is now trading above $0.4720 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $0.4760 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might gain bullish momentum if there is a close above the $0.4840 resistance.
XRP Price Corrects Gains
The price of XRP has begun a notable rise, surpassing the $0.4740 barrier much like Bitcoin and Ethereum. Bulls have managed to drive the price above $0.480. Yet, bears have shown significant activity around the $0.4840 resistance level.
As an analyst, I’ve identified a high at $0.4839 in the price chart. Lately, there has been a correction as the price started moving downward. We witnessed a drop below key support levels such as $0.4800 and $0.4780. The price trend took an unexpected turn when it dipped even below the 50% Fibonacci retracement level of the rally that ensued from the swing low at $0.4695 to the high at $0.4839.
The XRP/USD pair is currently trading above $0.4740 and its 100-hour moving average. Additionally, a bullish trend line is forming on the hourly chart, providing support at $0.4760.
From my perspective as a market analyst, the price is currently encountering resistance around the $0.480 mark. The first substantial obstacle to further price increases lies at approximately $0.4840. Should the price manage to breach this level, the next significant resistance could be found at $0.4880. If the price successfully surmounts this hurdle, it may push the price up towards the resistance at $0.5050.
Approaching resistance lies around $0.5120, and surmounting this level could potentially push the price up to $0.5250. Further advancements may lead to testing the resistance at $0.5320.
More Losses?
If XRP is unable to surpass the $0.4840 barrier, there’s a possibility it may keep dropping. The first line of defense for XRP on the downside lies at approximately $0.4765 and also the trendline.
The next significant resistance lies at $0.4740, which represents the 61.8% Fibonacci retracement mark of the recent uptrend from $0.4695 to $0.4839, as well as the 100-hour moving average. Should the price breach this level and close below it, we could expect further losses towards the nearby support at $0.4640 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 just below the 50 level.
Major Support Levels – $0.4765 and $0.4740.
Major Resistance Levels – $0.4800 and $0.4840.
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2024-07-02 07:35