As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. The recent surge in XRP price has been quite intriguing, to say the least.
The value of XRP has surged past the $0.5550 and $0.560 thresholds, currently holding steady above $0.550. In the short term, there’s potential for further growth.
- XRP price gained pace for a move above the $0.550 resistance zone.
The price is now trading above $0.550 and the 100-hourly Simple Moving Average.
There is a new connecting bullish trend line forming with support at $0.550 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could regain traction if it stays above the $0.550 pivot level.
XRP Price Gains Momentum
The cost of XRP stayed firm over the $0.5320 mark, similar to Bitcoin and Ethereum. Following this, it initiated an upward trend and successfully surpassed the significant barrier at $0.5420.
The price climbed significantly above $0.5550 and $0.5650, reaching as high as $0.5870. It then peaked at $0.5869 before swiftly falling back. This decline took the price below $0.5720 and even dipped below the 23.6% Fibonacci retracement level of the upward trend from the $0.5234 low to the $0.5869 high.
As a researcher, I’m observing that the current trading price of XRP/USD has surpassed the $0.550 mark and is aligning with the 100-hour Simple Moving Average. Additionally, a fresh bullish trend line appears to be forming, offering support at $0.550 on the hourly chart. This trend line coincides with approximately the 50% Fibonacci retracement level of the upward price movement from the $0.5234 swing low to the $0.5869 high.
On a positive note, there’s a possibility that the price may encounter obstacles around the $0.5660 mark. The initial significant hurdle is anticipated near $0.5720. A potential subsequent barrier could be at $0.5850. Overcoming the $0.5850 barrier might propel the price towards the $0.5920 resistance level.
In simpler terms, if the price continues to rise, it could soon encounter significant opposition around $0.600. If it overcomes this resistance, it may move upwards towards $0.6050 or possibly even reach $0.6120 in the short term.
More Downsides?
If XRP doesn’t manage to surpass the $0.5660 barrier, it might trigger another drop. A potential floor in this situation could be around $0.5550. Below that, significant support can be found at $0.5500.
If the price falls significantly below $0.5500, it could potentially drop further towards the nearby support at $0.5380 over the short term. A more significant support can be found at $0.5250.
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 above the 50 level.
Major Support Levels – $0.5550 and $0.5500.
Major Resistance Levels – $0.5660 and $0.5720.
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2024-09-13 07:34