As a seasoned financial analyst with extensive experience in the cryptocurrency market, I have closely monitored XRP‘s recent price action and can provide an informed opinion based on current trends and chart patterns.
“The cost of XRP began to climb again from the $0.540 level. It’s currently on an upward trend, aiming to surpass the $0.600 barrier.”
- XRP price started a fresh increase above the $0.580 zone.
The price is now trading above $0.580 and the 100-hourly Simple Moving Average.
There is a key contracting triangle forming with support at $0.5880 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could extend gain bullish momentum if it clears the $0.60 resistance zone.
XRP Price Eyes More Upsides
The price of XRP held steady above the $0.540 mark and subsequently surged higher, surmounting the hurdles at $0.5650 and $0.5720 in the process. However, its growth trajectory fell short compared to Ethereum and Bitcoin.
As an analyst, I’ve observed that the price has surpassed the 50% Fibonacci retracement mark in its downward trend from the peak of $0.6374 to the trough of $0.5404. At present, the price behavior is optimistic as it hovers above the 100-hour Simple Moving Average. However, potential buyers encounter obstacles around the $0.600 threshold.
On the hourly chart for XRP/USD, a significant contracting triangle has emerged with a support level at $0.5880. At present, the pair is trading above this mark and has surpassed its 100-hour Simple Moving Average as well.
If the price experiences a new rise, it may encounter resistance around $0.600. The initial significant resistance lies at $0.6150. Following this, there’s a crucial resistance level at $0.6370. Overcoming this resistance could lead the price to challenge the $0.650 resistance. Another important resistance is found near $0.6665, and further gains might push the price towards the $0.680 resistance.
Another Drop?
Should XRP fall short of breaking through the $0.600 resistance, there’s a possibility of another price drop. A preliminary floor can be found around $0.5880 and the triangle’s downward trendline. The next significant support lies at $0.5650.
Should the stock experience a significant drop and fall beneath the $0.5650 mark, it could potentially lead to further declines approaching the $0.540 support level in the short term.
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 $0.5650.
Major Resistance Levels – $0.6000 and $0.6150.
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2024-07-22 07:16