As a researcher with experience in the cryptocurrency market, I see XRP price gradually moving up from the support zone at $0.400. The current consolidation could lead to an increase above the $0.450 resistance level. Based on the chart analysis, the price has broken above the 100-hourly Simple Moving Average and a bearish trend line, suggesting a potential uptrend.
As a crypto investor, I’ve noticed that XRP‘s price has been gradually climbing up from the $0.400 support level. Right now, it seems to be consolidating, indicating a potential surge in value beyond $0.450.
- XRP price is attempting a recovery wave above the $0.420 zone.
The price is now trading above $0.4250 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $0.420 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a decent increase if it clears the $0.4450 and $0.450 resistance levels.
XRP Price Eyes Recovery
XRP’s price held steady above the $0.40 threshold and has since begun to rebound, following a similar trend as Bitcoin and Ethereum. The price surmounted the obstacles at $0.4120 and $0.4150 resistance levels, respectively.
On the hourly chart of the XRP/USD pair, the bearish trend line connecting previous lows was breached at $0.420, acting as resistance. The pair surged past this level and also exceeded the 61.8% Fibonacci retracement mark, which represents a significant portion of the downward price swing from the peak of $0.4499 to the trough of $0.4035.
As a researcher analyzing the market trends, I’ve noticed a trend indicating a potential move towards the $0.440 mark. Currently, the price hovers above the $0.4250 threshold and the 100-hour Simple Moving Average. However, on the upward trajectory, there are resistance levels to be aware of. These include the $0.4385 level or the 76.4% Fibonacci retracement level derived from the price drop between the swing high of $0.4499 and the low of $0.4035.
In simpler terms, the initial significant hurdle for the price lies around $0.4450. Following this, a potential resistance point can be found at $0.450. If the price manages to surpass $0.450, it may lead the way to the $0.4650 resistance. Further advancement could push the price towards the next substantial resistance level, which is around $0.4720, and potentially beyond to $0.4840.
Another Decline?
If XRP is unable to surpass the $0.4450 barrier, there’s a possibility of another price drop. The lower limit of support lies around the $0.420 mark.
Should the price fall further and dip beneath the $0.4050 mark, closing below this point, it could signal a continuation of downward movement towards the nearby support at $0.3880.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.4200 and $0.4050.
Major Resistance Levels – $0.4450 and $0.4500.
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2024-07-09 07:52