As a seasoned crypto investor with years of experience in the market, I have seen my fair share of price movements and trends in XRP. And let me tell you, the latest price action of XRP has been quite encouraging. After a brief consolidation around the $0.525 level, XRP broke above the resistance at $0.5450 and surged above $0.5650 to reach a high of $0.5925.
As a researcher studying the cryptocurrency market, I’ve noticed that XRP‘s price has surpassed the resistance level of $0.550. The current trend appears to be positive, potentially leading to further growth beyond $0.5850 and even reaching $0.600.
- XRP price started another increase above the $0.550 resistance zone.
The price is now trading above $0.550 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $0.5620 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could extend gains if there is a close above the $0.600 resistance level.
XRP Price Regains Strength
XRP’s price found support above the $0.525 threshold and commenced an uptrend. It surmounted the $0.5450 barrier, allowing it to regain bullish momentum similar to Ethereum and Bitcoin.
An advance occurred beyond the $0.5650 resistance point, and the peak reached $0.5925. Currently, the price is stabilizing after this growth. A slight dip took place below the 23.6% Fibonacci retracement threshold of the surge from the $0.5330 trough to the $0.5925 pinnacle.
The current price of XRP/USD hovers above $0.5550 and the 100-hour moving average. Furthermore, a bullish trend line is developing on the hourly chart, providing support at $0.5620.
Positively, the price is encountering resistance around the $0.5950 mark. The first notable resistance lies at $0.600. Further up, the $0.620 level serves as the next significant hurdle for the price to surmount. A decisive breach above this barrier could potentially push the price towards the $0.6380 resistance. Subsequently, the next substantial resistance is located near $0.650. Any additional growth might propel the price toward the $0.6880 resistance.
Are Dips Supported?
As an analyst, I would interpret the situation as follows: If XRP is unable to surpass the $0.600 resistance barrier, a potential correction may ensue. The initial support for XRP lies at around $0.5620, which includes the trend line, the 50% Fibonacci retracement level of the upward trend from the $0.5330 swing low to the $0.5925 high.
If we experience a breakdown below $0.550 and a subsequent closing price, the stock could potentially fall further towards the nearby support at $0.5350.
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 above the 50 level.
Major Support Levels – $0.5620 and $0.5500.
Major Resistance Levels – $0.5950 and $0.6000.
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2024-07-17 07:16