As an experienced financial analyst, I have closely monitored the XRP market for quite some time now. Based on the latest price developments, it appears that XRP has extended its increase above the crucial resistance of $0.5450. However, it is currently correcting its gains and trading above the 100-hourly Simple Moving Average.
The price of XRP has surpassed the $0.5450 resistance, rising further. Currently, it’s pulling back from its gains but may continue to hold steady above the moving average on the 100-hour chart.
- XRP extended its increase above the $0.5450 resistance zone.
The price is now trading above $0.5250 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $0.5330 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is correcting gains, but there could be a fresh increase unless there is a close below the 100-hourly SMA.
XRP Price Holds Ground
As an analyst, I’ve observed that XRP‘s price experienced a noteworthy uptrend following its successful close above the $0.520 threshold. Similar to Bitcoin and Ethereum, XRP continued to thrive in a favorable zone. Significant milestones were reached as it surmounted the resistance levels at $0.5320 and $0.5450. A remarkable spike was also noted when XRP’s price momentarily breached the $0.550 mark.
As a researcher studying the financial markets, I’ve observed that the price reached a new peak at $0.5571 every week. However, it seems that correction is underway now as the price has dropped below the $0.5450 mark. Notably, this decline has taken us beneath the 23.6% Fibonacci retracement level of the recent uptrend from the swing low at $0.5065 to the high at $0.5571.
The XRP/USD pair currently trades above $0.530 and the 100-hour moving average. Additionally, a significant bullish trend line is emerging, providing support at around $0.5330 on the hourly chart.
The price is currently encountering strong opposition around the $0.5380 mark. The first significant barrier to further growth lies at approximately $0.5450. Breaking through this level could lead to a continuous climb, potentially reaching the resistance at $0.5570. Overcoming this hurdle might propel the price further upwards, possibly even towards the resistance zone around $0.5650 and potentially beyond to $0.5720.
More Losses?
If XRP is unable to surpass the $0.5450 resistance mark, there’s a strong possibility it may head lower. The first line of defense on the decline lies around the $0.5330 level and the trendline. This support area is also in proximity to the 50% Fibonacci retracement point of the rally that started from $0.5065 low and reached a high of $0.5571.
As an analyst, I’d interpret the current market situation as follows: The next significant level of support lies at $0.5250. At present, the primary support is located around $0.5185. If the price breaches this support and closes below it, we might witness a more pronounced downtrend. In such an event, the price could potentially fall further and challenge the $0.5065 support level in the near future.
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 below the 50 level.
Major Support Levels – $0.5330 and $0.5185.
Major Resistance Levels – $0.5450 and $0.5570.
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2024-05-22 05:47