As a seasoned analyst with years of experience in the cryptocurrency market, I must say that the current trend of XRP seems to be a familiar dance between resistance and support levels. The price consolidation above the $1.00 zone is a promising sign, but it remains to be seen whether it can break through the formidable $1.150 resistance.
The value of XRP is holding steady, having surpassed the $1.00 mark. If it manages to break through the resistance at $1.150, it could potentially trigger further growth.
- XRP price started a downside correction below the $1.120 level.
- The price is now trading below $1.120 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $1.150 resistance.
XRP Price Holds Support
The value of XRP experienced difficulty climbing beyond the $1.150 and $1.180 thresholds, instead initiating a decrease that dropped it below the $1.120 mark. Over the last two sessions, it performed less favorably than Bitcoin and mirrored Ethereum‘s struggles.
Currently, the XRP/USD pair’s price is below $1.120 and under its 100-hour moving average. If it rises, it might encounter resistance close to the $1.1380 mark. Additionally, a short-term contracting triangle is forming on the hourly chart, with potential resistance at $1.1380 as well.
Approaching the $1.150 mark, the first significant barrier is expected. Subsequent resistance could potentially form at $1.1680 or the 61.8% Fibonacci retracement level derived from the downfall from the peak of $1.2747 to the trough of $0.9988.
If the price surpasses the $1.1680 barrier, it could potentially rise to encounter the resistance at $1.200 or the 76.4% Fibonacci retracement level of the downfall from the peak at $1.2747 to the trough at $0.9988. Further increases may lead the price towards the $1.2250 resistance, and potentially even reach $1.2320 in the short term. The significant challenges for the bulls ahead could be at $1.250 or $1.265.
More Downsides?
If XRP doesn’t manage to surpass the $1.1380 resistance, it might keep falling instead. A potential floor could be found around $1.100. Below that, significant support may emerge near $1.0650 or the triangle’s lower trendline.
Should the price experience a significant drop and fall below the $1.0650 mark, it could potentially proceed downward towards the $1.020 support level in the short run. A significant lower support can be found around the $0.980 area.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $1.1000 and $1.0000.
Major Resistance Levels – $1.1680 and $1.2000.
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2024-11-21 07:16