As a seasoned analyst with years of experience in the cryptocurrency market, I find myself intrigued by XRP‘s current performance. While it’s not quite reaching for the moon like Bitcoin or Ethereum, it’s making steady progress and that’s something to appreciate.
The cost of XRP picked up speed, aiming to surpass the $0.5800 support level. It climbed towards the resistance at $0.6150 but has since retraced its advance.
- XRP price is struggling to rise steadily like Bitcoin.
- The price is now trading above $0.580 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $0.5780 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase if it stays above the $0.5720 support zone.
XRP Price Eyes More Gains
As an analyst, I observed that the XRP price maintained its footing above the $0.5250 mark, signifying a stable base. Subsequently, there was a noticeable uptick surpassing the $0.5550 threshold, yet the upward momentum fell short compared to Bitcoin and Ethereum. Moreover, the price managed to break past the barriers at $0.5850 and $0.6000, indicating potential for further growth.
Initially, the bulls managed to drive the price above $0.6050, but then bears emerged, creating a peak at $0.6162. After this, there was a decline, causing the price to drop below $0.600 and touch $0.5640. The lowest point reached was again $0.6162. Now, the price is trying to surge upwards again.
In simpler terms, the price broke through a resistance point at $0.580 and also exceeded the halfway mark (50%) of the recent drop from the peak of $0.6162 to its lowest point at $0.5630.
Currently, the XRP/USD pair’s price is hovering above $0.580 and slightly above its 100-hour moving average. Moreover, a significant bullish trend line is shaping up on the hourly chart, with potential support at $0.5780. On the positive side, the price could encounter resistance around $0.5950 or the 61.8% Fibonacci retracement level of the recent fall from $0.6162 peak to $0.5630 bottom.
Initially, a significant obstacle lies around $0.6040. Subsequently, a potential hurdle may appear at $0.6150. If the price successfully surpasses the $0.6150 barrier, it could potentially push towards the resistance at $0.6220.
Additional increases could push the price close to or beyond the $0.6350 and possibly $0.6420 short-term resistance levels. The significant challenge ahead may be found at $0.6500.
Another Decline?
Should XRP not manage to surpass the $0.600 resistance area, a potential drop might ensue. A preliminary support may be found at approximately $0.5820. Below this, the significant support lies around $0.5780 level and the trend line.
If a drop occurs and the price falls below the $0.5780 mark, it could potentially keep falling towards the $0.5650 level as immediate support. In the short term, a significant support can be found around the $0.5500 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 – $0.5820 and $0.5780.
Major Resistance Levels – $0.6000 and $0.6150.
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2024-11-11 07:52