As a seasoned crypto investor with a knack for spotting trends, I find myself intrigued by the recent surge in XRP price. After a grueling bear market, it’s refreshing to see the bulls stepping up their game once again.
Initially, the cost of XRP began a new upward trend from approximately 2.320 dollars. Currently, the price is climbing higher and could potentially break through the barrier at around 2.55 dollars.
- XRP price started a fresh increase above the $2.35 zone.
- The price is now trading above $2.40 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2.44 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if it clears the $2.525 resistance.
XRP Price Regains Traction
The cost of XRP began a noticeable uptrend surpassing the $2.40 mark, mirroring the movements of both Bitcoin and Ethereum. Subsequently, it overcame the obstacles at $2.45 and $2.50, which previously served as resistance levels.
On the hourly chart for the XRP/USD pair, there was a break above a bearish trend line that had resistance at approximately $2.44. The price momentarily rose to around $2.550 before encountering resistance from the bears. A peak was reached at $2.5870, and now the price is consolidating its gains.
Initially, the price dropped slightly below $2.5250. It touched this level and was checked against the halfway point (50%) of the price increase that started at the $2.3272 low and peaked at $2.5870 high.
As a researcher, I’m currently observing that the price has surpassed the $2.40 mark and is now above its 100-hour Simple Moving Average. Looking ahead, potential obstacles may arise around the $2.525 level, serving as a resistance point. The first significant resistance, however, can be found at approximately $2.550. Another potential resistance lies at $2.5850. A decisive break above this $2.5850 barrier could potentially propel the price towards the $2.650 resistance level.
Additional increases could push the price towards the upcoming resistances at around $2.720 and possibly $2.750 over the short term. The primary challenge for the bulls in the near future could lie at approximately $2.880.
Another Drop?
If XRP does not manage to surpass the resistance at around $2.525, it might trigger another drop in its price. A potential floor for this decline could be found around $2.4550. Further down, significant support is expected either at the $2.420 level or at the 61.8% Fibonacci retracement level of the upward movement from the $2.3272 low to the $2.5870 high.
If a significant drop occurs and the price falls below the $2.420 mark, it could potentially lead to further decreases towards the $2.320 support level. Notably, the next substantial support is found in the vicinity of $2.250.
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 – $2.4550 and $2.420.
Major Resistance Levels – $2.5250 and $2.5850.
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2024-12-17 07:16