As a seasoned researcher with a decade-long journey in the cryptocurrency market under my belt, I must say that the recent surge of XRP is nothing short of intriguing. The price breaking above the $1.00 support and the 100-hourly Simple Moving Average, coupled with the break above the connecting bearish trend line, is a clear indication of bullish sentiment in the market.
As a crypto investor, I’m observing a significant surge in XRP’s value, with an increase of over 25%. This upward trend has pushed the price above the robust support level of $1.00. If we manage to break through the resistance at $1.1380, the growth could potentially gain momentum and soar even higher.
- XRP price started a strong increase above the $0.880 resistance.
- The price is now trading above $1.00 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $1.050 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it stays above the $1.00 support zone.
XRP Price Rallies Over 50%
As a researcher, I observed that the value of XRP persistently held above the $0.700 mark, indicating a solid foundation. Subsequently, it began a robust upward trajectory beyond $0.8800. Remarkably, it outshone both Bitcoin and Ethereum, soaring more than 50%.
Initially, the cost surpassed $1.00, but then bears emerged, causing a peak at $1.2747. However, there was subsequently a drop, with the cost falling below $1.150 and reaching as low as $1.100 for testing. The support level of $1.00 was tested during this fall, after which it bottomed out at $0.9988. Now, the price is on an upward trend again.
On the XRP/USD chart, we saw a significant push past the $1.050 resistance level. Additionally, there was a breach above a bearish trend line that offered resistance at $1.050, as viewed on the hourly chart.
Currently, the price is currently above $1.050 and higher than its 100-hour Simple Moving Average. As we look ahead, there may be potential resistance near the $1.1380 mark. This level is not far from the 50% Fibonacci retracement point of the price drop from the peak of $1.2747 to the trough of $0.9988.
Approaching the $1.200 mark, we encounter a significant point of resistance that aligns with the 76.4% Fibonacci retracement level of the price drop from the peak at $1.2747 to the trough at $0.9988.
The next key resistance could be $1.250. A clear move above the $1.250 resistance might send the price toward the $1.320 resistance. Any more gains might send the price toward the $1.3850 resistance or even $1.40 in the near term. The next major hurdle might be $1.50.
Are Dips Limited?
If XRP doesn’t manage to break through the $1.1380 barrier, it might trigger a decrease in value. The first potential floor for this drop could be around $1.050, and if it continues, the next significant support level is roughly at $1.00.
Should a significant drop occur and the price falls beneath $1.00, it could potentially lead to further decreases towards the $0.9320 support level in the short run. The subsequent key support can be found around the $0.880 region.
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 – $1.0500 and $1.0000.
Major Resistance Levels – $1.1380 and $1.2000.
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2024-11-18 07:34