The cost of XRP is trying to climb over the $0.600 mark, and there are encouraging indicators. However, it requires a weekly closing price above $0.600 for a significant upward momentum to occur.
- XRP price started another increase toward the $0.6050 zone.
The price is now trading above $0.5880 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance 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 $0.5950 and $0.600 resistance levels.
XRP Price Could Gain Bullish Momentum
The cost of XRP maintained a strong foundation above $0.5750 and commenced a new rise similar to Bitcoin and Ethereum. It successfully surpassed the hurdles at $0.580 and $0.5880, formerly serving as resistance levels.
On the hourly XRP/USD chart, a significant leap surpassed a notable bearish trend line with a resistance point at $0.590. This movement allowed the bulls to propel the price towards the halfway mark (50%) of the downward trajectory from the $0.6123 peak to the $0.5784 high, reaching approximately $0.5950.
Currently, the price is hovering over $0.5880 and has risen above its 100-hour moving average. As we look upward, potential resistance may be encountered around the $0.5950 mark.
The initial significant hurdle for further advancement appears around the $0.600 mark. Subsequently, potential obstacles could arise at $0.6050 or the 76.4% Fibonacci retracement level of the decline from the peak of $0.6123 to the high of $0.5784. A decisive jump above $0.6050 may push the price up towards the resistance at $0.6120. Further progress might take the price towards the resistance levels of $0.6280 or even $0.6320 in the immediate future.
Another Rejection and Drop?
As a crypto investor, if XRP doesn’t manage to break through the $0.600 resistance barrier, it might trigger another drop. The first significant line of defense on the downside could be around $0.5880 and the 100-hour Simple Moving Average. A more substantial support is anticipated near the $0.580 level.
If a drop occurs below the $0.580 mark and the closing price is lower, it’s possible that the price could fall further towards the $0.5720 support in the short term. A significant support level can be found at $0.5650.
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 – $0.5880 and $0.5720.
Major Resistance Levels – $0.5950 and $0.6050.
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2024-09-23 12:42