The cost of XRP is trying to surge past the $0.5920 mark. If it manages to surpass these hurdles at $0.5920 and $0.600, there’s a possibility that the price could pick up positive momentum.
- XRP price started another increase toward the $0.600 zone.
The price is now trading above $0.5780 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support at $0.590 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5920 and $0.600 resistance levels.
XRP Price Eyes More Upsides
The cost of XRP held steady above 0.57 USD, mimicking the upward trend seen in both Bitcoin and Ethereum. Notably, it successfully surpassed the hurdles at 0.58 USD and 0.5850 USD, suggesting a strengthening market position.
Despite the bulls attempting to break through the resistance at $0.5920, they couldn’t push the price up to $0.60. A peak was reached around $0.5941, and since then, a drop in price has occurred. The value fell below the support of $0.5880.
There was a move below the 23.6% Fib retracement level of the upward move from the $0.5622 swing low to the $0.5941 high. However, the bulls are active near the $0.5780 support.
The 50% Fib retracement level of the upward move from the $0.5622 swing low to the $0.5941 high is acting as a support. The price is now trading above $0.5780 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5880 level.
As an analyst, I’m observing that the first significant resistance for the asset is around the $0.5920 mark. If we manage to break through this resistance, the next key level of resistance lies at approximately $0.600. A decisive surge above $0.600 could potentially propel the price towards the next potential resistance at $0.6160. Further gains might take us toward the near-term resistance levels of $0.6250 or even $0.6350, depending on market conditions.
Another Drop?
As a crypto investor, if XRP doesn’t manage to break through the resistance at around $0.5880, there’s a possibility it might initiate another dip. The initial support for XRP seems to be around $0.5780 and the 100-hour Simple Moving Average. If things get worse, the next significant support level could be around $0.5740.
If the price falls significantly and drops below the $0.5740 mark, it could potentially slide further down towards the $0.5650 support level in the short-term. A more significant support can be found at $0.560.
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 – $0.5780 and $0.5740.
Major Resistance Levels – $0.5920 and $0.6000.
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2024-09-20 07:34