As a seasoned researcher with years of experience in the cryptocurrency market, I can confidently say that the recent surge in XRP price above the $0.6320 resistance zone is quite intriguing. The 6% increase it’s seen over the past few hours is impressive, outperforming both Bitcoin and Ethereum. If current trends continue, we might see XRP reaching as high as $0.6750 in the near future.
The cost of XRP is picking up speed as it surpasses the resistance level at around $0.6320. This increase has been more than 6%, making it perform better than Bitcoin, potentially heading towards a new high of $0.6750.
- XRP price is gaining pace above the $0.6320 zone.
The price is now trading above $0.640 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $0.640 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could rise further if it clears the $0.6580 resistance zone.
XRP Price Rallies Over 6%
In simpler terms, the value of XRP has established a foundation above the 60 cents mark and commenced an upward trend. It surpassed the resistance levels at 61.20 and 61.50 cents, indicating a positive movement. The price has risen by more than 6%, outperforming both Bitcoin and Ethereum, suggesting potential for further growth.
At $0.6582, a peak has been reached and the price is currently holding steady, accumulating its advancements. It’s above the 23.6% Fibonacci retracement line which marks the recovery from the $0.6113 trough to the $0.6582 peak in the uptrend.
Currently, the XRP/USD pair’s price is hovering above $0.640 and slightly above its 100-hour moving average. Additionally, a significant bullish trendline is starting to take shape on the hourly chart, with a support point at $0.640. If there’s an upward movement, the price might encounter resistance around $0.6580.
Approaching the $0.6650 mark, we encounter the first significant barrier. If we surpass this, the next potential obstacle lies around $0.6720. Overcoming the $0.6720 barrier could potentially push the price towards the $0.6850 resistance level.
Approaching levels, potential resistance could be found around $0.6940. If prices continue to rise, they may push towards the immediate resistance at $0.700 and potentially extend up to $0.720 in the short term.
Are Dips Supported?
If XRP struggles to surpass the $0.6580 barrier, it might trigger a decline. The first significant support in this case could be around $0.6450. Beyond that, the key support lies at approximately $0.640 or the established trendline.
As a crypto investor, if the price should dip and close below the $0.640 mark, it could potentially lead to further decreases, heading towards the short-term support at $0.6350. The next significant line of defense lies at $0.6220 or the 76.4% Fibonacci retracement level from the price swing low at $0.6113 to the high at $0.6582.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.6400 and $0.6350.
Major Resistance Levels – $0.6580 and $0.6720.
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2024-07-31 06:58