As a researcher with extensive experience in analyzing cryptocurrency markets, I believe XRP is showing signs of recovery after hitting the support at $0.4865. The price has managed to reclaim the $0.50 level and is now trading above the 100-hourly Simple Moving Average. A clear break above the resistance at $0.5120 could lead to a decent increase in XRP’s value, potentially reaching $0.5350 or even higher. However, if XRP fails to clear this resistance level, it may slide back down towards the support at $0.50 and $0.4865.
XRP’s price is making an effort to bounce back from its support at $0.4865. A push above the resistance at $0.5120 could spark a bullish trend for the cryptocurrency.
- XRP remained stable and started a recovery wave above $0.500.
The price is now trading above $0.5050 and the 100-hourly Simple Moving Average.
There was a break above a major bearish trend line with resistance at $0.5025 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a decent increase if there is a close above the $0.5120 resistance.
XRP Price Reclaims $0.50
XRP’s price had been gradually dropping until it reached the $0.4865 region where it encountered buying interest. A new low of $0.4864 was established, but now XRP is trying to rebound like Bitcoin and Ethereum have. The resistance levels at $0.4950 and $0.50 have been surpassed.
Additionally, the XRP/USD pair surpassed a significant bearish trend line with a resistance level of $0.5025 on the hourly chart, reaching as high as $0.5100. A new peak was reached at $0.5120 before the price began consolidating its gains.
The 23.6% Fibonacci retracement level of the price increase from $0.4867 to $0.5120 was put to the test recently. Currently, the price hovers above $0.5050 and surpasses the 100-hour Simple Moving Average.
Near the $0.5085 mark, you’ll find significant opposition to further price increase. The first notable barrier lies around $0.5120. Clearing this hurdle may initiate a robust upward trend. At approximately $0.5220, the next significant resistance awaits. Should buyers maintain control above this point, we could witness a surge towards the $0.5350 threshold. Any additional growth might push the price further up to the $0.550 resistance.
Another Decline?
As a crypto investor, if XRP is unable to surpass the resistance at $0.5120, it might lead to another price drop. The first support lies around $0.5050 and the 100-hour SMA serves as an additional safety net.
If we continue to experience a downtrend, the next significant resistance will be around $0.50 or the 50% Fibonacci retracement mark of the price surge from the $0.4867 minimum to the $0.5120 peak. In the event of a downward break and a closing price below $0.50, there’s a strong possibility that the price will pick up momentum and head lower. Consequently, we may revisit the $0.4865 support region.
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 – $0.500 and $0.4865.
Major Resistance Levels – $0.5120 and $0.5220.
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2024-05-14 09:04