XRP Price Faces Support Test: Is a Rebound on The Horizon?

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The current XRP price is adjusting its rise from around $0.530. It’s currently testing the potential support at $0.520, which could lead to a rebound and initiate another upward trend.

  • XRP price is eyeing more gains above the $0.5300 zone.
  • The price is now trading above $0.5200 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $0.520 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if it settles above the $0.5300 resistance zone.

XRP Price Revisits Support

Initially, XRP’s price displayed an uptrend, surpassing the $0.5150 mark. However, it struggled to keep pace with both Bitcoin and Ethereum, only managing to breach the $0.520 resistance level with some difficulty. Nevertheless, determined bulls eventually propelled the price beyond the $0.5250 resistance barrier.

The price peaked at $0.5307 but is now adjusting its rise. It fell beneath the $0.5265 mark, and also dipped below the 50% retracement point of the bullish trend from the $0.5111 support to the $0.5307 peak.

Currently, the XRP/USD pair’s price has moved beyond $0.5200 and lies above the 100-hour Simple Moving Average. Additionally, a significant upward trend line is emerging, offering support at approximately $0.520 on the hourly chart of this pair, hinting at a potential bullish trend.

Positively, the cost could encounter a barrier around the $0.5250 mark. The primary obstacle lies at approximately $0.5300, with another significant barrier potentially appearing at $0.5320. A decisive break above $0.5320 might push the price towards the $0.5450 resistance. Further increases may lead to the $0.5550 or even $0.5850 resistance levels in the short term. The next substantial challenge could be at $0.6000.

Downside Break?

If XRP doesn’t manage to surpass the resistance at around $0.5250, it might trigger another drop. The initial floor for potential declines is approximately $0.5200. After that, significant support can be found near $0.5185, which also coincides with the 61.8% Fibonacci retracement level of the uptrend from the $0.5111 low to the $0.5307 high.

Should a drop occur and the price falls beneath $0.5185, it could potentially lead to further decreases, possibly targeting the $0.5050 as a short-term support level. Notably, the next substantial support level is found in the vicinity of the $0.5000 zone.

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 below the 50 level.

Major Support Levels – $0.5200 and $0.5185.

Major Resistance Levels – $0.5250 and $0.5300.

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2024-10-31 08:28