As a seasoned researcher with years of experience in the crypto market, I find myself intrigued by the current state of XRP. The price is indeed holding its ground at the $0.500 support zone, which, considering the recent bearish trends across the board, is quite reassuring.
The current price of XRP is maintaining its position above the $0.50 support level, indicating a potential future surge. Meanwhile, as Bitcoin starts to lose some momentum, the value is stabilizing rather than making significant jumps.
- XRP price is eyeing a decent increase above the $0.5100 zone.
- The price is now trading below $0.5095 and the 100-hourly Simple Moving Average.
- There is a new connecting bearish trend line forming with resistance at $0.5090 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it settles above the $0.5135 resistance zone.
XRP Price Eyes Upside Break
As an analyst, I observe that the value of XRP has continued to dip, falling below the significant support level at $0.5000. Diving even lower, it touched $0.4980 before a potential bullish reversal surfaced. However, compared to Bitcoin and Ethereum, the losses incurred by XRP were relatively contained.
As a crypto investor, I observed a significant price drop that formed a low at $0.4948, but then, I noticed an encouraging uptrend emerging. The price surpassed previous resistance levels at $0.4985 and $0.500, signifying a strong momentum shift. Moreover, it broke past the 50% Fibonacci retracement level of the recent decline from the $0.5137 high to the $0.4948 low, indicating potential further upward movement.
Currently, the price is going for less than $0.5100 and under the 100-hour Simple Moving Average. As it moves upward, potential obstacles may appear around $0.5065, which is also close to the 61.8% Fibonacci retracement level of the recent fall from the peak of $0.5137 to the low of $0.4948. The initial significant resistance lies at $0.5090.
The next key resistance could be $0.5135. A clear move above the $0.5135 resistance might send the price toward the $0.5200 resistance. Any more gains might send the price toward the $0.5250 resistance or even $0.5265 in the near term. The next major hurdle might be $0.5350.
Another Decline?
If XRP doesn’t manage to surpass the $0.5090 barrier, there might be a further drop. A potential first line of defense on the lower side lies around $0.500. The significant support below this is estimated at approximately $0.4950.
If a drop occurs beyond the $0.4950 mark and we see a closing price below this level, it could potentially lead to further price decreases, possibly targeting the $0.4880 region as a short-term support. A more significant support lies roughly in the vicinity of the $0.4740 zone.
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 near the 50 level.
Major Support Levels – $0.5000 and $0.4950.
Major Resistance Levels – $0.5090 and $0.5135.
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2024-11-05 07:36