As a seasoned crypto investor with a knack for spotting trends, I’ve been following XRP closely and here’s my take: XRP seems to be stuck in a familiar dance, hovering just below the crucial $0.550 resistance level. It’s like a game of cat and mouse, where the price flirts with the resistance but can’t seem to break through. However, I remain optimistic because I’ve seen this movie before – every rise has its fall, and every fall has its rise again.
Currently, the XRP price is confined within a narrow band just beneath the $0.550 threshold. To initiate a new upward trend, it needs to surpass the hurdles at $0.5450 and $0.5500, which are its immediate resistance levels.
- XRP price is still stuck in a range above the $0.5080 support.
The price is now trading near $0.5320 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $0.5340 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5360 and $0.5450 resistance levels.
XRP Price Eyes Fresh Surge
The cost of XRP held steady over the $0.5080 resistance point. Instead of continuing to rise like Bitcoin and Ethereum, XRP entered a period of stabilization at around $0.5120.
The price experienced a slight upward surge and surpassed the resistance at $0.5250, reaching as high as $0.5320. Yet, the market bears seem to be present around the 50% Fibonacci retracement level of the downward trend from the peak of $0.5453 to the trough of $0.5211.
As a researcher examining the XRP/USD pair, I’ve noticed that the current trading price hovers around $0.5320 and is approaching the 100-hour Simple Moving Average. If there’s an additional increase in the price, it could potentially encounter resistance near the $0.5340 mark. Furthermore, a bearish trend line seems to be developing, with the resistance at $0.5340 on the hourly chart.
The first major resistance is near the $0.5460 level or the 61.8% Fib retracement level of the downward wave from the $0.5453 swing high to the $0.5211 low. The next key resistance could be $0.5550. A clear move above the $0.5550 resistance might send the price toward the $0.5800 resistance. Any more gains might send the price toward the $0.6000 resistance or even $0.6050 in the near term. The next major hurdle might be $0.6250.
Another Decline?
If XRP doesn’t manage to surpass the $0.5360 barrier, there might be a resumption of its drop. A potential first line of defense on the downside lies at around $0.5200. The next significant support can be found near $0.5165.
Should a drop occur and the price falls beneath $0.5165, it could potentially trend lower towards the short-term support at $0.5050. The significant support level lies around the $0.5000 area in the near future.
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 – $0.5200 and $0.5165.
Major Resistance Levels – $0.5360 and $0.5450.
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2024-10-09 07:16