As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find myself closely watching the XRP price action. The current consolidation above the $0.5320 zone is a promising sign, but the resistance at $0.5550 remains a formidable hurdle.
As a researcher, I’m observing that the current XRP price remains stuck below the $0.5550 threshold. For a sustainable upward trend in the short term, it is crucial for the price to break and stabilize above this resistance level.
- XRP price is consolidating above the $0.5320 zone.
- The price is now trading above $0.5400 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $0.5435 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.550 and $0.5550 resistance levels.
XRP Price Holds Support
The value of XRP once more sought to surpass the $0.5550 barrier, but efforts were thwarted as sellers continued to exert pressure beneath this level without a successful breakout occurring. As with Bitcoin and Ethereum, the price of XRP experienced some retracement following these attempts.
There was a move below the $0.5500 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.5377 swing low to the $0.5537 high. However, the bulls are active and protecting more losses below $0.540.
Currently, the price for this asset is above $0.540 and is aligning with its 100-hour Simple Moving Average. Additionally, a significant bullish trend line is developing on the hourly chart of the XRP/USD pair, with support at approximately $0.5435. This trend line is near the 61.8% Fibonacci retracement level, which represents a key point in the upward movement from the $0.5377 low to the $0.5537 high.
Looking on the optimistic side, the price could encounter obstacles at approximately $0.5500. The first significant barrier lies around $0.5520. If it overcomes this, a key challenge could appear at $0.5550. A decisive break above $0.5550 might propel the price towards the resistance level of $0.5650. Further gains could potentially push the price toward the resistance levels of $0.5840 or even $0.5880 in the near future. The next substantial challenge may be found at $0.6000.
Another Drop?
If XRP doesn’t manage to surpass the $0.5550 barrier, it might trigger another drop in price. A potential floor for this decline could be around $0.540, which also includes the trend line as a support. The next substantial support level is anticipated at approximately $0.5350.
Should a drop occur and the price falls below the $0.5350 mark, it could potentially slide further towards the short-term support at around $0.5265. A significant level of support can be found nearby at approximately $0.5180.
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 – $0.5400 and $0.5350.
Major Resistance Levels – $0.5500 and $0.5550.
Read More
Sorry. No data so far.
2024-10-17 07:16