XRP Price Gains Steadily with Swings: Can It Maintain Momentum?

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As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of bull runs and bear markets. The current upward trend of XRP is quite intriguing, especially considering its recent performance against Bitcoin and Ethereum.

The price of XRP is gradually climbing above the support level of $0.6320, but after testing the resistance at $0.7450, it’s currently experiencing a pullback in its upward movement.

  • XRP price started a decent increase above the $0.6320 resistance.
  • The price is now trading above $0.6450 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $0.6280 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could start another increase if it stays above the $0.6160 support zone.

XRP Price Eyes More Upsides

The cost of XRP held steady above the 60 cents mark, establishing a foundation for growth. It then surged beyond 62 cents and demonstrated superior performance compared to both Bitcoin and Ethereum over the last two trading periods, breaking through the 0.6320 resistance barrier.

Initially, the price soared beyond $0.7320, reaching a peak at $0.7488. However, it subsequently retreated, dipping below $0.7200 and briefly touching $0.700. At this point, it approached the 50% Fibonacci retracement level of the upward trend from the $0.6419 low to the $0.7488 high.

As a crypto investor, I’m observing that the current price of XRP/USD has surpassed $0.6320 and is aligning with my 100-hour Simple Moving Average. Moreover, an encouraging bullish trend line seems to be shaping up, offering support at approximately $0.6280 on the hourly chart.

Positively, the cost may encounter obstacles around the $0.7220 mark. The primary obstacle could be found at approximately $0.7480, followed by another significant hurdle at $0.7550. A definite break above the $0.7550 barrier might propel the cost towards the resistance level of $0.7780.

Further increases could potentially push the price upwards towards the short-term resistance at $0.7950, or possibly even reaching $0.800. A significant challenge may arise later at around $0.8220.

Another Drop?

If XRP doesn’t manage to surpass the $0.7220 barrier, it might initiate another drop. The first significant support on the downside can be found around $0.6820. After that, the main support lies near $0.6670 and also at the 76.4% Fibonacci retracement level of the upward movement from the $0.6419 low to the $0.7488 high.

Should a significant drop occur and the price falls beneath $0.6670, it could potentially lead to further decreases, possibly targeting the $0.6160 area as immediate support. Further down, around the $0.600 region, lies another notable support level 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 above the 50 level.

Major Support Levels – $0.6820 and $0.6670.

Major Resistance Levels – $0.7220 and $0.7450.

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2024-11-14 07:34