As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless trends come and go. However, the recent surge in XRP price has caught my attention due to its impressive momentum and resilience against traditional heavyweights like Ethereum and Bitcoin.
The cost of XRP climbed beyond the barriers at $1.15 and $1.20, potentially heading for more growth past the $1.420 ceiling. This increase represents a significant jump of over 25%.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
The price of XRP has established a foundation over the $1.050 mark and is currently experiencing an upward trend. It successfully surpassed the hurdles at $1.150 and $1.20, and even exceeded $1.25. In the last two sessions, it outperformed both Ethereum and Bitcoin.
Additionally, there was a significant rise that surpassed a significant bearish trend line with a resistance at $1.1400 on the hourly XRP/USD chart. The price peaked at $1.4161 and is now stabilizing its gains. Currently, it’s trading above the 23.6% Fibonacci retracement level of the upward movement from the $1.0649 swing low to the $1.4161 high.
Currently, the price has risen above $1.30 and surpassed the 100-hour Simple Moving Average. As it moves upward, potential obstacles may appear around the $1.400 mark. The primary resistance for now lies at approximately $1.420, with another significant barrier possibly emerging at $1.450.
If the price breaks through the $1.450 barrier, it could potentially climb to around $1.50 next. Further increases may push the price up to around $1.550 or even $1.620 in the short term. The primary challenges for the bulls lie at $1.750 or $1.80 in the long run.
Are Dips Supported?
As a researcher analyzing XRP’s price movement, if we fail to surpass the resistance zone around $1.420, it might initiate a corrective phase heading downwards. A potential initial floor for this decline could be found at approximately $1.3350. Should further declines occur, the next significant support level would be near $1.2850.
If a drop occurs and the price falls below $1.2850, it could potentially lead to further declines. This might take the price towards either the $1.240 support or the 50% Fibonacci retracement level of the rise from the $1.0649 low to the $1.4161 high in the near future. The significant support lies around the $1.20 area in the coming periods.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
Read More
- FLOKI PREDICTION. FLOKI cryptocurrency
- DEXE PREDICTION. DEXE cryptocurrency
- From Season 4 Renewed With Release Date Window & Episode Count
- Why Is Randy Moss Wearing Glasses? Health Update
- SEI PREDICTION. SEI cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- PEOPLE PREDICTION. PEOPLE cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- WIF PREDICTION. WIF cryptocurrency
- RAY PREDICTION. RAY cryptocurrency
2024-11-22 07:36