As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of price movements and trends. The current state of XRP is quite intriguing, as it seems to be consolidating near the $1.450 zone, hinting at a potential fresh increase if it can surmount the $1.50 resistance.
The current price of XRP is holding steady around the $1.450 mark, but it needs to surpass the $1.50 barrier for any potential growth in the short term to begin.
- XRP price is attempting a fresh increase from the $1.300 level.
- The price is now trading near $1.450 and the 100-hourly Simple Moving Average.
- There is a key contracting triangle forming with resistance at $1.50 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is showing positive signs and might eye a fresh increase above the $1.50 resistance.
XRP Price Holds Gains
The price of XRP has established a foundation higher than $1.30 and has commenced an upward trend. It successfully surpassed the hurdles at $1.350 and $1.42. In fact, it soared beyond $1.45, outperforming both Ethereum and Bitcoin in the last two trading sessions.
The cost surged past the 61.8% Fibonacci retracement point in the decline from the $1.6340 peak to the $1.3007 trough. Yet, it appears that the sellers are taking action near the $1.50 resistance area. Furthermore, a significant contracting triangle is shaping up on the hourly chart of the XRP/USD pair, with resistance at $1.50.
Currently, the price hovers around $1.45, close to its 100-hour Simple Moving Average. As it moves upward, potential obstacles could arise at approximately $1.4680. The primary significant resistance lies around $1.50.
The next key resistance could be $1.550 or the 76.4% Fib retracement level of the downward move from the $1.6340 swing high to the $1.3007 low. A clear move above the $1.550 resistance might send the price toward the $1.6350 resistance. Any more gains might send the price toward the $1.680 resistance or even $1.6850 in the near term. The next major hurdle for the bulls might be $1.720 or $1.750.
Are Dips Supported?
If XRP doesn’t manage to surpass the $1.50 barrier, it might trigger a potential drop. The first significant support could be found around $1.400, which includes the lower boundary of the triangle’s trendline. A more substantial support lies at approximately $1.380.
Should a drop occur and the price falls below the $1.380 mark, it could potentially lead to further decreases, possibly reaching the $1.3200 level of support. A significant lower support can be found around the $1.2650 area.
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 – $1.4000 and $1.3800.
Major Resistance Levels – $1.5000 and $1.5500.
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2024-11-26 07:16