As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I can confidently say that the recent surge in XRP price is not just another blip on the radar. The way it has outperformed both Bitcoin and Ethereum in the past two days is reminiscent of a well-timed relay race handoff – smooth, strategic, and potentially game-changing.
As an analyst, I’ve observed that the value of XRP has broken through the resistance at both $1.45 and $1.50, and is currently holding steady around $1.40. It seems poised to potentially push higher and continue its upward trend.
- XRP price started a fresh surge above the $1.40 resistance level.
- The price is now trading above $1.350 and the 100-hourly Simple Moving Average.
- There is a new connecting bearish trend line forming with resistance at $1.450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is showing positive signs and might extend its rally above the $1.450 resistance.
XRP Price Holds Gains
The price of XRP has established a foundation above $1.250 and subsequently surged higher. It successfully breached the resistance at $1.350 and $1.40, and even exceeded $1.50. Over the past two days, it has outperformed both Ethereum and Bitcoin.
Initially, the price peaked at $1.6339, then dropped. It fell below the $1.50 mark, acting as a base. The lowest point was reached at $1.3007. Now, the price is on an upward trend. It has surpassed the 23.6% Fibonacci retracement level from the high at $1.6339 to the low at $1.3007.
Currently, the price is going beyond $1.40 and surpassing the 100-hour Simple Moving Average. As it moves upwards, potential obstacles may arise around $1.420. The initial significant barrier lies at approximately $1.450 level.
On the hourly XRP/USD chart, a fresh bearish trend line is emerging with a potential resistance at approximately $1.450. This trend line is almost in alignment with the 50% Fibonacci retracement level of the price drop from the peak of $1.6339 to the trough of $1.3007.
The next key resistance could be $1.500. A clear move above the $1.50 resistance might send the price toward the $1.5550 resistance. Any more gains might send the price toward the $1.620 resistance or even $1.650 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Limited?
Should XRP be unable to surpass the $1.450 resistance point, there’s a chance it might initiate a decline instead. A potential first line of defense on the downside lies around $1.3450. If the price continues to fall, the next significant support could be found near $1.320.
If a drop occurs beyond the $1.320 mark and the closing price falls below it, the price trend could potentially extend downward towards the $1.300 support level. Notably, another significant support lies in the vicinity of the $1.240 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 – $1.4200 and $1.4000.
Major Resistance Levels – $1.4500 and $1.5000.
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2024-11-25 07:34