As a seasoned analyst with years of market analysis under my belt, I see XRP‘s current price action as a familiar dance between bulls and bears. The price has managed to hold above the crucial $0.5350 support and is attempting to break through the resistance at $0.5550. This move mirrors the recent trends in Bitcoin and Ethereum, suggesting a broader market recovery.
The cost of XRP is climbing above the $0.5350 support level, but it’s encountering a roadblock at the $0.5550 resistance point, suggesting that it might have difficulty pushing further upwards.
- XRP price is attempting a fresh increase above the $0.540 zone.
The price is now trading above $0.5420 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $0.5400 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could trim most gains if it fails to stay above the $0.540 support zone.
XRP Price Revisits Resistance
The cost of XRP held steady above its $0.5320 support level, indicating a solid foundation. Subsequently, there was an upward trend that surpassed $0.5400, much like what happened with both Bitcoin and Ethereum.
The cost surpassed the resistance levels of $0.5450 and $0.550, but bears are becoming active around the significant resistance at $0.5550. A peak has been reached at $0.5550, and the price is now pulling back from gains. There was a drop below the $0.550 mark.
In simpler terms, the cost for the XRP/USD pair has fallen below a significant retracement level (23.6%), which is part of an overall upward trend from a low of $0.5252 to a high of $0.5550. However, it’s now trading above $0.540 and the 100-hour moving average, and there’s a strong upward trend line forming that provides support at $0.5400 on the hourly chart.
Positively, the cost could encounter resistance around $0.5540. A significant initial resistance is expected at approximately $0.5550. Further key resistance may appear at $0.5650. If there’s a strong break above $0.5650, it might propel the price towards the potential resistance of $0.5800. Any further growth could push the cost toward $0.5880 or even $0.600 in the short term. The next substantial challenge may arise at $0.6120, where sellers might reappear.
Another Decline?
If XRP doesn’t manage to surpass the $0.5550 barrier, it might trigger another drop. The initial floor could be at around $0.5440, which is also where a trendline lies, and further support can be found close to $0.5400 or the 50% Fibonacci retracement point of the upward swing from $0.5252 low to $0.5550 high.
As a crypto investor, if the price dips and closes below the $0.5400 mark, I anticipate it might further drop towards the $0.5320 level in the short term. The next significant support seems to be around the $0.5220 zone.
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 – $0.5440 and $0.5400.
Major Resistance Levels – $0.5540 and $0.5550.
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2024-10-15 08:10