As a seasoned crypto investor with years of market navigation under my belt, I’ve learned to read charts like a book. The current surge in XRP price is music to my ears, particularly given its resistance at $0.5920 and $0.600 – levels that have been stubborn roadblocks in the past. However, as the old saying goes, “The market can stay irrational longer than you can stay solvent.” So, while I’m optimistic about XRP’s potential, I’ll hold my breath until we clear these hurdles.
The cost of XRP is climbing once more, surpassing $0.580. If it manages to break through the resistance at $0.5920 and $0.600, this could fuel a positive price trend.
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XRP price remained supported near the $0.5700 zone.
The price is now trading above $0.580 and the 100-hourly Simple Moving Average.
There was a break above a major bearish trend line with resistance at $0.5720 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5920 and $0.600 resistance levels.
XRP Price Eyes Upside Break
The cost of XRP established a foundation above 0.5620 USD, and subsequently, it began a new rise similar to Bitcoin and Ethereum. Notably, the price successfully breached the hurdles at 0.5720 USD and 0.5850 USD resistance levels.
On the XRP/USD chart, there was a significant jump above a substantial bearish trendline, which had previously been acting as resistance at approximately $0.5720. Moreover, the bulls managed to push the price beyond the 61.8% Fibonacci retracement level of the recent downward move from the peak at $0.5932 to the trough at $0.5622.
Currently, the price has moved beyond $0.580 and aligns with the 100-hour Simple Moving Average. At present, the price seems to be stabilizing close to the 76.4% Fibonacci retracement level that marks the pullback from the peak of $0.5932 to the low of $0.5622.
Positively, there’s a possibility that the price may encounter obstacles around $0.5880. The initial significant barrier could be seen at $0.5920, followed by a potential hurdle at $0.600. If the price manages to surpass $0.600, it might push forward towards the resistance at $0.6160.
Approaching levels, potential resistance lies around $0.6220. Should the price continue to rise, it may push towards the nearby resistance at $0.6320 or potentially reach $0.6350 in the short-term.
Another Decline?
If XRP doesn’t manage to break through the $0.5920 barrier, it might trigger another drop in its price. A potential floor could be found around $0.580 or at the 100-hour Simple Moving Average. The significant support lies around $0.5690.
Should a drop occur and the price dips beneath $0.5690, it could potentially lead to further decreases, targeting the nearby support at $0.5620. A more significant support level lies at $0.5550 in the near future.
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 – $0.5820 and $0.5790.
Major Resistance Levels – $0.5920 and $0.6000.
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2024-09-19 07:36