As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market fluctuations and trends. The recent surge in XRP price above $0.500, breaking Ethereum and Bitcoin’s momentum, is reminiscent of the dot-com boom of the late 90s.
The cost of XRP saw a significant surge past $0.50 following the court’s decision, climbing over 25%. With the $0.640 barrier in sight, there’s potential for further growth.
- XRP price started a strong increase above the $0.500 and $0.550 levels.
The price is now trading above $0.5880 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to rise if it clears the $0.640 resistance zone.
XRP Price Starts Fresh Surge
Over the past period, the value of XRP has established a solid foundation above 0.45 USD, leading to a significant upward trend that outperformed both Ethereum and Bitcoin. Notably, it managed to surpass the resistance points at 0.5150 USD and 0.550 USD.
The asset surged more than 25% and surpassed multiple barriers around the $0.600 mark, with a peak reaching $0.6473. However, it has since experienced a pullback from its gains, dipping slightly below $0.600. This move took the price below the 23.6% Fibonacci retracement line of the upward trend that started at the $0.4922 low and peaked at $0.6477 high.
Although the bulls are currently active around $0.5880, the price continues to trade above $0.600 and is also above its 100-hour Simple Moving Average. On the other hand, the price might struggle to advance further as it encounters resistance near $0.6250.
In simpler terms, if the price breaks through $0.6350, it could encounter another resistance at $0.640. If it manages to surpass this, it may push toward the next significant barrier at $0.6550. Beyond that, potential resistances lie at $0.6880, $0.700, and even $0.720 in the short term.
Are Dips Supported?
If XRP doesn’t manage to surpass the $0.620 barrier, there might be a new drop. A potential floor for this decline could be around $0.600. Should it continue falling, significant support can be found at approximately $0.5880.
If a drop occurs beyond the $0.5880 mark and the price closes below this level, it could potentially fall further towards the $0.570 support or the halfway point (50% Fibonacci retracement) of the upward trend from the $0.4922 low to the $0.6477 high. The next significant support is at $0.540.
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 – $0.600 and $0.5880.
Major Resistance Levels – $0.6200 and $0.6400.
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2024-08-08 07:34