As a seasoned crypto investor with over a decade of experience navigating the volatile world of digital assets, I find myself cautiously optimistic about XRP‘s current price action. The recent recovery wave above $0.5500 is encouraging, but the resistance at $0.5720 and $0.5800 looms large.
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- XRP price started a decent increase from the $0.5330 zone.
The price is now trading below $0.5650 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $0.5520 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could decline again if it fails to stay above $0.5520 and $0.5500.
XRP Price Faces Hurdles
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As an analyst, I observed that the price successfully surpassed the 50% Fibonacci retracement level following the downward trend from $0.5720 peak to $0.5333 trough, reaching above the $0.5550 mark. Nevertheless, it appears that bears are actively present around the $0.5625 and $0.5640 price points
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On the positive side, the price could encounter obstacles around the $0.5625 or 76.4% Fibonacci retracement level. The first significant resistance is found near the $0.5650 level. The initial major resistance lies around the price at approximately $0.5625 or 76.4% Fibonacci retracement, where a downward move from the high (downward move finds a downside level, first major resistance is often referred to as it’s downside, where the downswing; it’s down, it’s short, let’s call it “Down”
The next key resistance could be $0.5720. A clear move above the $0.5720 resistance might send the price toward the $0.5850 resistance. The next major resistance is near the $0.5880 level. Any more gains might send the price toward the $0.600 resistance or even $0.6060 in the near term.
Another Decline?
As a crypto investor, if XRP doesn’t manage to surpass the $0.5625 resistance point, it might trigger another drop. In such a case, potential support can be found around the $0.5525 level and the trend line. The significant support below that is at $0.5500
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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 – $0.5525 and $0.5400.
Major Resistance Levels – $0.5625 and $0.5720.
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2024-09-05 08:12