As a seasoned analyst with years of experience navigating the cryptocurrency market, I find myself intrigued by the current trajectory of XRP. The price has shown a remarkable resilience above the $0.5050 support zone and is now eyeing a potential surge past the $0.5500 resistance.
The price of XRP is picking up speed, surpassing the $0.5050 support level. It’s on an upward trend and could potentially push past the $0.5500 resistance level.
- XRP price is eyeing a decent increase above the $0.5250 zone.
- The price is now trading above $0.5220 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $0.5100 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it settles above the $0.5350 resistance zone.
XRP Price Climbs 4%
The cost of XRP held steady above the $0.4880 mark, finding a foundation and initiating an upward trend beyond $0.5050 – similar to Bitcoin and Ethereum.
Previously, the XRP/USD pair surpassed the resistance levels at $0.5120 and $0.5200, also breaking a bearish trend line with a resistance at $0.5100 on the hourly chart. It reached the $0.5365 area before forming a peak at $0.5368. At present, the price is holding steady above the 23.6% Fibonacci retracement level of the upward move from the $0.4948 low point to the $0.5368 high.
Currently, the trading price surpasses $0.5200 and aligns with the 100-hour Simple Moving Average. As it moves upward, potential obstacles may arise around the $0.5350 mark. The initial significant resistance can be found at approximately $0.5365 level.
The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5665 resistance or even $0.5720 in the near term. The next major hurdle might be $0.5840.
Another Decline?
If XRP doesn’t manage to break through the $0.5350 barrier, it might trigger another drop. The first significant support lies around $0.5250. Further down, the main support could be found at approximately $0.5155 or the 50% Fibonacci retracement point of the upward journey from the $0.4948 low to the $0.5368 high.
If the price experiences a drop and falls beneath the $0.5155 mark, it could potentially slide further towards the $0.5050 barrier in the short run. A significant level of support can be found around the $0.500 region for future reference.
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 – $0.5250 and $0.5155.
Major Resistance Levels – $0.5350 and $0.5500.
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2024-11-06 07:34