XRP Price Gains Speed: Could The Surge Reach $0.80?

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As a seasoned analyst with years of experience in the cryptocurrency market, I see the current XRP price surge as a promising sign for investors. The fact that it’s outperforming both Bitcoin and Ethereum is noteworthy. However, as we all know too well in this volatile market, nothing moves in a straight line.

The cost of XRP has climbed more than 10%, surpassing the $0.620 support level, and continues to rise. It previously reached the $0.740 resistance area but is now pausing its ascent as it adjusts its recent gains.

  • XRP price started a decent increase above the $0.620 resistance.
  • The price is now trading above $0.6250 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $0.6180 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could start another increase if it stays above the $0.6200 support zone.

XRP Price Eyes More Upsides

The cost of XRP held steady above 0.5850 USD, establishing a foundation and initiating an uptrend surpassing 0.6000 USD. It displayed stronger performance compared to Bitcoin and Ethereum over the past two days, breaking through the 0.650 resistance barrier.

Initially, the price surged past the $0.70 threshold, reaching a peak at around $0.740. However, it subsequently experienced a decline, dipping below $0.7200 and touching $0.700. The trading activity then approached the 50% Fibonacci retracement level stemming from the price drop from $0.6063 to the high of $0.7400.

Currently, the price for this pair is hovering above $0.6250 and aligns with its 100-hour Simple Moving Average. Additionally, a significant bullish trend line is emerging, providing support around $0.6180 on the hourly XRP/USD chart. This trend line approaches the 76.4% Fibonacci retracement level derived from the price drop from $0.6063 to its peak at $0.7400.

As a crypto investor, I find myself anticipating potential hurdles in the price movement. There seems to be a possible roadblock around the $0.700 mark. The first significant obstacle could be situated at $0.7080. If we manage to surpass that, the next challenge might appear at $0.7250. A decisive break above $0.7250 could potentially push the price towards the $0.740 resistance level.

Further increases could potentially push the price up towards the next resistance levels of $0.7550 and even $0.7650 over the short term. A significant challenge may arise at the $0.780 level in the future.

Another Drop?

If XRP doesn’t manage to surpass the $0.7080 resistance barrier, it might trigger another drop. Should this happen, the first potential support could be around $0.6750. A more substantial support lies near $0.6250, along with the trend line.

Should a drop occur and the price falls below $0.6250, it could potentially trend lower towards the $0.6050 support in the short run. A significant support level can be found around the $0.600 area.

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 – $0.6750 and $0.6250.

Major Resistance Levels – $0.7080 and $0.7250.

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2024-11-13 07:34