The current price of XRP is trying to surge past the $0.5150 mark, and if successful, it might gather more strength as it moves ahead, particularly if it manages to break through the resistance at $0.5500.
- XRP price is eyeing more gains above the $0.5350 zone.
- The price is now trading above $0.5220 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $0.5180 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it settles above the $0.5500 resistance zone.
XRP Price Eyes Upside Break
Initially, the price of XRP began a noteworthy climb surpassing the 50-cent mark. It managed to break through the resistance at around $0.5150, but its progress was slower compared to Bitcoin and Ethereum. Subsequently, the bullish momentum propelled the price beyond the $0.5250 resistance level.
The cost peaked at $0.5307, but is now holding its advance by consolidating. There was a small drop below the $0.5250 point. The price dropped and touched the 50% retracement level of the upward trend that started from the $0.5112 low to the $0.5307 high.
Currently, the price for XRP/USD is hovering above $0.5220 and slightly above its 100-hour moving average. Additionally, a potential bullish trend line is developing with support at approximately $0.5180 on the hourly chart. This trend line is near the 61.8% Fibonacci retracement level of the upward price movement from the $0.5112 low to the $0.5307 high.
Positively, the cost could encounter a roadblock around the $0.5280 mark. The initial significant obstacle is found near $0.5320, and the following crucial barrier lies at $0.5350. A decisive leap above $0.5350 could propel the cost towards the $0.5500 ceiling. Further advancements might push the cost towards the $0.5650 or even $0.5850 resistance levels in the immediate future. The next substantial challenge would be at $0.6000.
Another Setback?
Should XRP be unable to surpass the $0.5300 resistance point, there’s a possibility it may initiate another drop. A potential floor in this scenario could be around $0.5210. The next significant support level would be approximately at $0.5180.
Should a drop occur with the price breaking down and falling beneath the $0.5180 mark, it could potentially lead to further decreases approaching the $0.5050 resistance level in the short run. A significant support can be found around the $0.5000 region.
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 – $0.5210 and $0.5180.
Major Resistance Levels – $0.5350 and $0.5550.
Read More
- KAITO PREDICTION. KAITO cryptocurrency
- Fauji director Hanu Raghavapudi shares BIG update on Prabhas starrer period war drama; ‘We have created…’
- Dead Man’s Wire Cast Adds Colman Domingo to Gus Van Sant’s Hostage Thriller
- PHOTO: Demonte Colony director Ajay Gnanamuthu marries longtime girlfriend; Chiyaan Vikram attends in style
- Who Is Returning on Days of Our Lives This Week?
- Lily Collins’ Husband Responds to Backlash Amid Surrogacy Controversy
- Bigil OTT release on Valentine’s Day: Where to watch Thalapathy Vijay and Nayanthara’s sports action drama online
- ‘As long as audience believes they’re husband and wife’: Pragya Jaiswal on working with Nandamuri Balakrishna despite double age gap
- Solana Leaves Competition In The Dust: Blazing Speed To Fuel Price Surge?
- Invincible Season 3 Reviews Deliver the Best Rotten Tomatoes Score Possible
2024-10-30 07:52