As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets.
The value of XRP is gradually inching up, holding steadily above the support level at around $0.5650. For it to initiate a significant rise soon, it needs to surpass the resistance levels at $0.5880 and $0.60.
- XRP price is attempting a fresh increase above the $0.5650 level.
The price is now trading near $0.5750 and the 100-hourly Simple Moving Average.
There is a key rising channel forming with resistance at $0.5880 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $0.5880 resistance zone.
XRP Price Eyes Fresh Increase
The value of XRP held steady around approximately $0.550, then began a new upward trend similar to that of Bitcoin and Ethereum. This surge allowed it to surpass the resistance at $0.5620 and $0.5650.
There was a move above the 50% Fib retracement level of the downward move from the $0.6020 swing high to the $0.5455 low. It seems like the bulls could soon attempt an upside break above the $0.600 resistance zone. However, the bears are active near the $0.5880 resistance zone.
Additionally, on the hourly XRP/USD graph, a notable ascending trend line is emerging, with potential resistance at approximately $0.5880. Currently, the price hovers around $0.5750, not far from the 100-hour Simple Moving Average.
In a positive note, the price is encountering obstacles around the $0.5880 mark. This level is nearly at the 76.4% Fibonacci retracement point of the downward trend that started from the peak of $0.6020 and bottomed out at $0.5455. The initial significant resistance lies around $0.60.
In simpler terms, if the current trend continues, we might encounter a significant barrier at around $0.6020. If we manage to break through this level, the price could potentially rise toward another resistance at $0.6150. Further up, there’s a strong resistance near $0.6250. Should the price surpass this, it might head towards $0.6320 or even $0.650 in the short term.
Another Drop?
If XRP doesn’t manage to surpass the $0.5880 barrier, there’s a possibility of another drop. Should this happen, initial support might be found around $0.570. A more substantial support could be at $0.5650.
If a drop occurs beyond $0.5650 and the closing price is lower, there’s a possibility that the price could further decrease, aiming for the $0.550 support level. The following significant support can be found at $0.5350.
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 – $0.5700 and $0.5650.
Major Resistance Levels – $0.5880 and $0.6000.
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2024-08-14 07:16