The cost of XRP is holding its advance above the significant support level at approximately $1.050. It’s possible that it will push higher, potentially surpassing the resistance at around $1.180.
- XRP price started another increase above the $1.080 resistance.
- The price is now trading above $1.0850 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $1.100 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could soon gain bullish momentum if it stays above the $1.00 support zone.
XRP Price Aims Higher
The cost of XRP has established a platform higher than the $1.00 mark and subsequently commenced a new upward trend. Compared to Bitcoin and Ethereum, it demonstrated stronger performance by surpassing the hurdles at $1.050 and $1.080 in price.
The price climbed above the 50% Fib retracement level of the downward move from the $1.2745 swing high to the $0.9988 low. The bulls even pushed the price above the $1.150 resistance level before the bears appeared. It seems like the price faced resistance near $1.170.
The 61.8% Fibonacci retracement level, which marks a potential stop point in the downward trend from the high of $1.2745 to the low of $0.9988, is serving as a barrier. But it’s worth noting that a significant upward trend line with support at $1.100 is emerging on the hourly chart for the XRP/USD pair, suggesting potential bullish momentum.
Currently, the price is being traded above $1.080 and higher than its 100-hour Simple Moving Average. As it moves upward, potential obstacles could arise around the $1.1680 mark. The initial significant resistance lies at approximately $1.200 level.
The next key resistance could be $1.2740. A clear move above the $1.2740 resistance might send the price toward the $1.3220 resistance. Any more gains might send the price toward the $1.3500 resistance or even $1.3620 in the near term. The next major hurdle might be $1.450.
Are Dips Supported?
If XRP doesn’t manage to surpass the $1.1680 barrier, there might be a potential reversal, leading to a drop in price. A first potential floor could be found around $1.100, which includes the trend line for added support. The next significant level of support is anticipated at approximately $1.060.
Should a drop occur and the price falls below the $1.060 mark, it could potentially head lower towards the $1.000 support level in the short term. A significant support lies around the $0.980 region next.
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 – $1.1000 and $1.0600.
Major Resistance Levels – $1.1700 and $1.2000.
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2024-11-19 07:36