As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations. The recent surge in XRP price is a testament to the resilience of this cryptocurrency and its potential for growth.
The cost of XRP accelerated, successfully breaching the barrier at $0.600. It has surged more than 10%, currently holding steady around $0.6450 as it gathers strength.
- XRP price started a fresh increase above the $0.600 resistance zone.
The price is now trading above $0.6250 and the 100-hourly Simple Moving Average.
There is a key contracting triangle forming with resistance at $0.6500 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $0.6500 and $0.6550 resistance levels.
XRP Price Settles Above $0.60
The price of XRP experienced a significant surge past the $0.60 barrier, outperforming both Bitcoin and Ethereum. The upward momentum propelled the price beyond the resistance at $0.6120 and $0.6250.
The price surpassed the resistance at $0.650, reaching a peak at $0.6642. However, it subsequently began a decline, dropping below both the levels of $0.6550 and $0.6500. The price then approached the 50% Fibonacci retracement level stemming from the fall from $0.6082 low to the $0.6642 high.
Currently, the XRP/USD pair’s price is above $0.6250 and higher than its 100-hour Simple Moving Average. As it moves upward, potential resistance could be encountered around $0.650. Additionally, a significant contracting triangle is developing on the hourly chart, with $0.6500 serving as the triangle’s resistance level.
Initially, a significant barrier lies around the $0.6550 mark. Following this, a crucial point that could halt further growth is approximately $0.6640. If the price manages to surpass the $0.6640 barrier, it may push upwards towards the resistance at $0.6850. Additional gains might propel the price towards the $0.700 resistance or potentially even reach $0.720 in the short term.
Are Dips Supported?
As a crypto investor, if XRP doesn’t manage to breach the resistance at $0.650, it might continue heading lower. A potential first line of defense on the downside lies around $0.6350. The next significant support is anticipated near $0.6285, which also aligns with the 61.8% Fibonacci retracement level from the price drop from $0.6082 low to $0.6642 high.
Should a drop occur followed by a closing price below $0.6285, it could lead to further price decreases heading towards the short-term support of $0.6120. A more significant support level can be found at $0.600.
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 – $0.6350 and $0.6285.
Major Resistance Levels – $0.6500 and $0.6550.
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2024-09-30 16:16