As a seasoned financial analyst with extensive experience in cryptocurrency markets, I have been closely monitoring the recent price action of XRP. The digital asset displayed impressive gains, surging above the $0.6220 resistance level and even testing the $0.6330 zone. However, these gains were short-lived as the broader market, specifically Bitcoin and Ethereum, experienced declines that pulled XRP lower.
The price of XRP surpassed the $0.6220 mark, reaching new heights. It then approached the resistance level at $0.6330. However, as Bitcoin and Ethereum experienced downturns, XRP followed suit, resulting in a pullback from this peak.
- XRP price started a downside correction from the $0.6330 zone.
The price is now trading near $0.600 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $0.5920 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start another increase if it stays above the $0.590 support zone.
XRP Price Holds Uptrend Support
The price of XRP surpassed the resistance at $0.6150, continuing its upward trend. It also broke through the next resistance at $0.6220. A new peak was reached at $0.6330 before the market took a downturn due to the influence of Bitcoin and Ethereum.
The price dipped below the support levels of $0.6150 and $0.6120. It fell beneath the 50% Fibonacci retracement mark of the rally that lifted the price from its low at $0.5802 to a high of $0.6330. Currently, it hovers around $0.600 and is close to the 100-hour Simple Moving Average.
On the hourly chart of XRP/USD, a bullish trend line is emerging with a supporting level at $0.5920. This trend line is situated near the 76.4% Fibonacci retracement mark of the price rise from the $0.5802 bottom to the $0.6330 peak.
If the price experiences a new upward trend, it may encounter resistance around $0.6120 for the first time. The initial significant resistance lies at $0.6200. A breakthrough above $0.6220 could potentially push the price towards the next resistance level of $0.6350. Further advancements might lead to encountering resistance near $0.6500. Continuous gains may eventually take the price towards the $0.680 resistance mark.
More Losses?
Should XRP fall short of surmounting the $0.6120 resistance, it may instead descend further. A preliminary floor for the cryptocurrency lies around the $0.5950 mark. The following significant support can be found at $0.5920 and the trendline area.
Should the stock experience a significant drop and finish below the $0.5920 mark, it could potentially lead to further declines, with the $0.580 support being a possible target in the short term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5920 and $0.5800.
Major Resistance Levels – $0.6120 and $0.6220.
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2024-07-25 06:58