As a seasoned researcher with years of experience in analyzing cryptocurrency markets, I find myself closely monitoring XRP‘s price movements. The current trend suggests a consolidation above the $0.5550 level, which, if broken, could potentially lead to a bullish momentum pushing the price beyond the $0.580 resistance zone.
The cost of XRP is holding its advance above the $0.5550 mark, with potential for further growth if it manages to surpass the resistance at $0.580.
- XRP price is eyeing a fresh increase from the $0.5620 level.
The price is now trading above $0.5680 and the 100-hourly Simple Moving Average.
There is a key rising channel forming with support at $0.5630 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $0.580 resistance zone.
XRP Price Holds Uptrend Support
The cost of XRP hovered around the $0.5550 mark, showing signs of growth. It established a solid foundation and began a new surge, outperforming both Bitcoin and Ethereum. It successfully surpassed the $0.5650 barrier.
There was a move above the 50% Fib retracement level of the downward move from the $0.5760 swing high to the $0.5614 swing low. The price is now showing positive signs and rising toward the $0.5750 resistance. It is also trading above $0.5680 and the 100-hourly Simple Moving Average.
Additionally, a significant upward trend line is emerging on the hourly chart for XRP/USD, with potential support at $0.5630. As for resistance, the price may encounter obstacles around $0.5725, which is near the 76.4% Fibonacci retracement level from the price swing high at $0.5760 to the low at $0.5614.
Initially, a significant barrier lies around $0.5750. If we surpass this, the next potential obstacle could be at $0.580. Overcoming the $0.580 hurdle may lead us to the $0.6120 resistance. Beyond that, another major resistance is found near $0.6250. Further increases might push the price towards the $0.6350 or even $0.650 resistance levels in the short term.
Another Decline?
If XRP doesn’t manage to surpass the $0.5750 barrier, there’s a possibility it might trigger another drop. A potential floor for this decline could be around $0.5640. Below that, significant support can be found at $0.5620.
Should a drop occur and the price falls beneath the $0.5620 mark and closes below it, there’s a possibility it could continue to dip towards the $0.5550 support in the short term. The next significant support level can be found at $0.5350.
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 – $0.5620 and $0.5550.
Major Resistance Levels – $0.5750 and $0.5800.
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2024-08-19 11:46