XRP’s price has significantly risen, surpassing $0.55 and $0.60. At the moment, it’s holding its ground, but encountering obstacles around the $0.6480 level as it consolidates its gains.
- XRP price started a strong increase above the $0.550 and $0.580 levels.
The price is now trading above $0.600 and the 100-hourly Simple Moving Average.
There is a key contracting triangle forming with resistance at $0.640 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 Eyes Additional Gains
In simpler terms, the value of XRP stabilized over the $0.50 mark, leading to a significant rise that outpaced both Ethereum and Bitcoin. This upward trend allowed XRP to break through the obstacles at $0.550 and $0.580, which previously acted as resistance levels.
Despite encountering resistance at $0.60, the bulls managed to push the price higher, peaking at $0.6473. Currently, the price is holding steady as it consolidates its gains. There was a brief drop below the $0.6120 mark. The price also dipped below the 23.6% Fibonacci retracement level of the upward trend that started from the $0.4920 low and reached $0.6477 high.
As a researcher observing the market dynamics, I’ve noticed that the bulls are quite active around the $0.600 mark. The trading remains above this level and is also supported by the 100-hour Simple Moving Average. On the positive side, the price is encountering resistance at approximately $0.6280.
In simpler terms, we’re approaching a significant barrier around $0.6380. If this is overcome, the next potential hurdle could be at $0.640. Additionally, on the XRP/USD chart over an hourly period, there seems to be a contracting triangle forming with a resistance point at $0.640. A break above this $0.640 barrier might push the price towards another potential resistance level at $0.6550.
In simpler terms, if the price continues to increase, it could encounter strong resistance around $0.6720. If it overcomes this, it may head towards $0.6880 or possibly reach $0.700 in the short term.
Another Decline?
If XRP doesn’t manage to surpass the $0.640 barrier, there might be a potential decrease in its value. The first significant support for a potential correction can be found around $0.6080. A more substantial support level is situated at $0.600.
If a drop in price occurs and it falls below the $0.600 mark, there’s a possibility that the price could further decrease towards either the $0.570 level which serves as a support or the 50% Fibonacci retracement level of the uptrend from the $0.4920 low to the $0.6477 high. The significant support lies at $0.550 in this scenario.
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 above the 50 level.
Major Support Levels – $0.6080 and $0.5700.
Major Resistance Levels – $0.6250 and $0.6400.
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2024-08-09 07:34