As a seasoned analyst with years of experience in the crypto market, I have seen my fair share of volatility and price action. Looking at the current state of XRP, it appears that the coin is consolidating its gains near the $0.600 mark, which is a positive sign for bullish traders.
Currently, the XRP price encounters numerous obstacles around the $0.600 mark. It’s in the process of solidifying its recent gains and may attempt to break through the resistance levels at $0.5920 and $0.600.
- XRP price remained supported near the $0.5620 zone.
The price is now trading below $0.5850 and the 100-hourly Simple Moving Average.
There is a key rising channel forming with support at $0.5765 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5920 and $0.600 resistance levels.
XRP Price Holds Support
As an analyst, I’ve observed that the value of XRP has established a strong foundation above the $0.5600 mark, mirroring the upward trajectory seen in both Bitcoin and Ethereum. Notably, the price surpassed the hurdles at $0.5720 and $0.5850, two significant resistance levels.
The price climbed past the $0.590 mark and reached as high as $0.5935. It peaked at $0.5932, but now it’s correcting its rise. There was a small drop below the $0.5850 point. The price fell beneath the 23.6% Fibonacci retracement level of the upward trend that started from the $0.5602 low and peaked at $0.8932 high.
Currently, the price is dipping below $0.5850 and falling slightly beneath the 100-hour Simple Moving Average. Additionally, a significant rising trendline, or channel, is being formed on the hourly XRP/USD chart, with support at approximately $0.5765. This channel support aligns with the halfway point (50%) of the price’s recovery from its low at $0.5602 to its high at $0.8932.
On the upside, the price might face resistance near the $0.5850 level. The first major resistance is near the $0.5920 level. The next key resistance could be $0.600. A clear move above the $0.600 resistance might send the price toward the $0.6065 resistance. The next major resistance is near the $0.6120 level. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term.
Another Decline?
Should XRP not manage to surpass the $0.5850 barrier, a potential drop may ensue. A possible first line of defense on the lower end lies around the $0.5765 mark. Below that, significant support can be found at $0.5680.
If a drop occurs beneath the $0.5680 mark and the closing price is below this level, the value could potentially fall further towards the $0.560 support in the short term. Notably, the significant support lies at $0.5500.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5765 and $0.5600.
Major Resistance Levels – $0.5920 and $0.6000.
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2024-09-18 07:34