As a seasoned analyst with over a decade of experience in the crypto market, I have witnessed many bull and bear cycles, and I must say that XRP price is showing signs of resurgence, albeit slowly. The recent dip below $0.5920 and the subsequent test of the $0.5785 support level seems to be a temporary setback rather than a sign of a prolonged bearish trend.
The cost of XRP is trying to make a new surge from its support level at around $0.5785. If it manages to break through the resistance at approximately $0.60, it could see a boost in its bullish momentum.
- XRP price is eyeing a fresh increase from the $0.5785 level.
The price is now trading below $0.600 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $0.590 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain momentum if it clears the $0.600 and $0.6050 resistance levels.
XRP Price Aims Steady Increase
The cost of XRP dropped below the $0.5920 support level, reaching as low as $0.5785. It appears that a bottom has been reached at $0.5788, and currently, the price is aiming for an upward trend. Unlike Bitcoin and Ethereum, XRP shows signs of potential growth.
The price surpassed the $0.5850 and $0.5880 thresholds, reaching beyond. It climbed above the 23.6% Fibonacci retracement level, which marks a pause in the downward movement from the peak of $0.6306 to the trough of $0.5788. Moreover, it broke through an ascending bearish trend line, offering resistance at $0.590, on the hourly chart of XRP/USD pair.
Currently, the price remains under $0.600 and below its 100-hour moving average. As we look upward, potential obstacles for the price increase may appear around $0.600. The initial significant resistance can be found near $0.6020 level.
The potential resistance point could either be around $0.6050 or the halfway mark of the decline from the peak of $0.6306 to the low of $0.5788. Overcoming this resistance at $0.6050 might push the price towards the next resistance level at $0.6160.
The price could encounter significant resistance close to $0.6250. If it continues to rise, it may push towards the next resistance at $0.6350, or potentially even reach $0.650 in the short term.
Another Decline?
Should XRP not manage to surpass the $0.60 resistance barrier, there’s a possibility it may initiate another drop. A potential floor in this scenario could be around the $0.5850 mark. If the price continues to fall, the next significant support level is at $0.5785.
As a researcher, if the price experiences a drop and closes below the $0.5785 mark, it could potentially continue its descent towards the $0.550 level of support in the short term. The subsequent significant support lies at $0.5320.
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 – $0.5850 and $0.5785.
Major Resistance Levels – $0.6000 and $0.6050.
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2024-08-27 08:10