XRP Price Gains Fade Once Again: Will Support Hold?

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As a seasoned analyst with over two decades of market experience under my belt, I see the current XRP price action as a mixed bag. The initial rally above the $0.5500 support zone was promising, reminiscent of a young athlete breaking through a crucial barrier in their career. However, the quick reversal suggests that the bulls may be facing some resistance, much like a rookie encountering veteran competitors.

The price of XRP picked up speed, attempting to break through the $0.5500 support level. It surged towards the $0.5780 resistance but soon lost momentum, giving back most of its gains.

  • XRP price is losing pace above the $0.5500 zone.
  • The price is now trading above $0.5320 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $0.5360 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 $0.5250 support zone.

XRP Price Eyes More Upsides

The price of XRP held steady above 0.5150 USD, establishing a foundation for growth similar to Bitcoin and Ethereum. It surpassed previous resistance at 0.5250 USD and continues upward movement. Furthermore, it successfully overcame hurdles at 0.5350 USD and 0.5500 USD.

Initially, the bulls managed to drive the price above the $0.5650 mark, but then the bears emerged, establishing a new high at $0.5758. Since then, there’s been a correction in the gains, and the price has dropped below the $0.5650 support level. Additionally, it has fallen beneath the 23.6% Fibonacci retracement line, which is a significant support level derived from the upward trend that started at the $0.4948 low and peaked at $0.5758.

Currently, the XRP/USD pair’s price is above $0.5320 and slightly above its 100-hour moving average. Additionally, a significant bullish trend line is forming, providing support at approximately $0.5360 on the hourly chart. This trend line is getting close to the halfway point (50%) of the price increase from the $0.4948 low to the $0.5758 high, which suggests a strong bullish trend.

Positively, the cost may encounter obstacles around $0.5600. The initial significant barrier is approximately at $0.5650. Further potential resistance could be found at $0.5780. A decisive break above the $0.5780 barrier could lead the price toward the $0.5880 resistance level.

Additional increases could potentially push the price up towards the resistance level of $0.5920, or possibly even to $0.6000 over the short term. The significant challenge ahead may be at $0.6200.

More Losses?

If XRP doesn’t manage to break through the $0.5650 barrier, it might keep falling. A potential floor for this drop could be around $0.5450. If it continues to fall, the next significant support would be at approximately $0.5360 and the trend line.

If the price drops significantly and falls beneath the $0.5360 mark, it could potentially keep falling towards the short-term support at $0.5250. A significant level of potential support can also be found around the $0.5120 region in the near future.

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 – $0.5450 and $0.5360.

Major Resistance Levels – $0.5600 and $0.5650.

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2024-11-08 07:16