As an experienced financial analyst, I believe that XRP‘s current price consolidation above the $0.420 support zone is a positive sign for potential bullish momentum. The price has already managed to climb above the $0.430 mark and the 100-hourly Simple Moving Average. However, there are some resistance levels at $0.440 and $0.4450 that need to be broken before we can expect a decent upward move.
The price of XRP is holding steady above the significant support at around $0.42. A surge past the resistance at $0.44 and $0.45 could trigger a bullish trend.
- XRP price is attempting a recovery wave above the $0.4220 zone.
The price is now trading above $0.430 and the 100-hourly Simple Moving Average.
There is a short-term contracting triangle forming with resistance at $0.4370 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a decent upward move if it clears the $0.440 and $0.450 resistance levels.
XRP Price Aims Higher
The price of XRP has established a foundation above the $0.4050 mark and more recently, it has begun to bounce back, mirroring the upward trends of Bitcoin and Ethereum. The asset surmounted the hurdles at $0.420 and $0.4250, respectively.
The bulls have managed to drive the price of XRP/USD above the 61.8% Fibonacci retracement mark, which is at $0.4295, following the downward trend from the peak of $0.4500 to the trough of $0.4035. However, bears are showing signs of activity around $0.4380 and $0.440. Furthermore, there’s an emerging short-term triangle pattern on the hourly chart, with resistance at $0.4370 for the XRP/USD pair.
Currently, the pair has moved beyond the $0.4270 mark and the 100-hour moving average. Looking ahead, there’s resistance for the price around the $0.4370 mark.
As an analyst, I’d rephrase it as follows: In my analysis, the first significant barrier to the upside lies around the $0.4400 mark or the 76.4% Fibonacci retracement level of the downtrend from $0.4500 peak to $0.4035 trough. Should the price breach this hurdle, the next resistance could emerge at $0.450. A decisive break above $0.450 might propel the price towards the $0.4720 resistance level. The subsequent major resistance is located near $0.480. Any further gains may lead the price to challenge the $0.4880 resistance.
Another Drop?
As a crypto investor, if XRP fails to surpass the $0.440 resistance zone, there’s a risk of another price drop. My initial protective measure would be to closely monitor the price action around the $0.4320 support level.
If the price falls further and breaks the $0.420 mark, it could potentially drop closer to the next support level at $0.4050 in the short term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.4200 and $0.4050.
Major Resistance Levels – $0.4400 and $0.4500.
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2024-07-10 07:34