Initially, the XRP price began to rebound from around $0.5440. In the coming short period, it appears poised to climb higher, attempting to surpass the current resistance at approximately $0.5720.
- XRP price started a decent increase from the $0.5400 zone.
The price is now trading above $0.5620 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $0.5560 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could climb higher toward the $0.600 zone if it clears the $0.5720 resistance zone.
XRP Price Starts Recovery
The price of XRP continued its downward trend, mirroring that of Bitcoin and Ethereum. It dipped as low as the $0.5440 region before a turnaround occurred. Subsequently, the price began to recover and surpassed the resistance at $0.5550.
On the hourly XRP/USD chart, there was a significant break above a bearish trend line with resistance at approximately $0.5560. The price then clearly surpassed the $0.5650 resistance level. Subsequently, it revisited the $0.5720 resistance area.
At $0.5718, a peak was reached and the price is currently holding steady as it builds on its gains. It’s currently trading above the 23.6% Fibonacci retracement level, which indicates where the price might have pulled back to during an upward trend from the $0.5440 low to the $0.5718 high.
Currently, the trading price has surpassed $0.5620 and is also above its 100-hour Simple Moving Average. As we look ahead, potential resistance levels are in sight. The immediate resistance could be around $0.570, followed by a more significant one at $0.5720. Further up, the price might encounter resistance at $0.5850. A decisive break above this level could potentially push the price towards the $0.600 mark, which currently stands as another potential resistance.
In simpler terms, if the price continues to rise, it’s likely to encounter significant resistance around $0.6060. Should it overcome this, it could potentially push up towards $0.6150 or even $0.620 in the short period ahead.
Another Decline?
If XRP doesn’t manage to break through the $0.5720 barrier, it might trigger another drop. The initial support could be found around $0.562. A more substantial support level is at $0.5580 or the 50% Fibonacci retracement point of the upward trend from the $0.5440 low to the $0.5718 high.
If the price dips and falls below the $0.5580 mark, it could potentially drop further towards the $0.5440 level as its immediate support. A more significant support can be found at $0.5320.
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 – $0.5580 and $0.5440.
Major Resistance Levels – $0.5720 and $0.5850.
Read More
Sorry. No data so far.
2024-09-03 07:34