As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen more market fluctuations than I care to remember. The current trend with XRP is intriguing, to say the least. After a brief dip to $0.4880, it’s attempting a recovery, but it seems to be struggling to keep pace with Bitcoin and Ethereum.
The current XRP price is trying to surge past the $0.5050 mark. For it to go up further, it needs to overcome the resistance at $0.5250 and $0.5320.
- XRP price is correcting losses from the $0.4880 zone.
- The price is now trading above $0.5200 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $0.5150 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.5250 resistance zone.
XRP Price Struggles To Match Bitcoin’s Surge
The cost of XRP began rising again from around $0.4880. Currently, it’s over $0.5050, but it hasn’t yet matched the upward trend of Bitcoin and Ethereum. The bulls successfully moved the price beyond the $0.5150 barrier.
As a crypto investor, I’ve noticed that the price has climbed above the 50% Fibonacci retracement level in the downward wave from the $0.5333 peak to the $0.4867 trough, on the hourly chart of XRP/USD pair. Additionally, a bullish trend line is forming, providing support at approximately $0.5150.
Currently, the price is hovering slightly above $0.52 and the 100-hour moving average. It’s holding steady around the 76.4% Fibonacci retracement level of the recent price drop from its peak at $0.5333 to its trough at $0.4867.
Positively, there could be a barrier to increasing costs around the $0.5250 mark. The primary obstacle may appear at approximately $0.5335, followed by another significant challenge at $0.5350. A decisive break above $0.5350 might push prices towards the $0.5500 barrier. Further gains could potentially drive prices to the $0.5650 or even $0.5850 resistance levels in the short term. The next substantial challenge may be found at $0.6000.
Another Drop?
If XRP doesn’t manage to surpass the $0.5250 barrier, there’s a possibility it might initiate another drop. A potential initial floor can be found around $0.5150. The next significant support zone is situated at approximately $0.5085.
If the price falls significantly below $0.5085, it could potentially drop further towards the short-term support at $0.5000. Beyond that, a significant level of support can be found near the $0.4880 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 – $0.5150 and $0.5000.
Major Resistance Levels – $0.5250 and $0.5320.
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2024-10-29 07:36