As a seasoned analyst with over two decades of trading experience under my belt, I can confidently say that the XRP price action is exhibiting signs of a potential bull run. With the recent consolidation above the $0.5850 level and the forming bullish trend line, it appears that XRP is gearing up for a significant move.
The cost of XRP is holding its advance over the $0.5850 mark. If it manages to break through the resistance at $0.6150, we might see a significant price rise.
- XRP price is eyeing a fresh increase from the $0.5850 level.
The price is now trading above $0.5980 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $0.600 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $0.6150 resistance zone.
XRP Price Aims Higher
The cost of XRP established a foundation above 0.5850 USD. From there, its value began to steadily climb past the 0.5880 and 0.5920 USD thresholds, much like Bitcoin and Ethereum.
A bullish trend is emerging at the $0.5850 mark, as the price has been steadily rising beyond the halfway point of the Fibonacci retracement level from the high of $0.6149 to the low of $0.5853. Currently, the price stands above $0.5980 and is also higher than the 100-hour Simple Moving Average.
On the hourly chart for XRP/USD, a rising trend line linking upwards movements is developing and currently providing support at approximately $0.600. If the price trend continues upward, potential obstacles may arise around the $0.6050 mark.
Approximately 61.8% of the decline from the peak at $0.6149 to the low at $0.5853 aligns with the $0.6050 point. A significant barrier may exist around $0.6080, and further potential resistance could be encountered at $0.6150.
Breaking through the $0.6150 barrier could potentially push the price up to around $0.6220, with the next significant barrier at approximately $0.6350. Further increases might take the price as high as $0.6550 or potentially even reach $0.6880 in the short term.
Another Pullback?
Should XRP not manage to surpass the $0.6050 barrier, there’s a possibility it might experience a temporary decline. A potential first line of defense on the lower side lies around $0.600. The next substantial support level is located at approximately $0.5880.
If the price experiences a fall and drops beneath the $0.5880 mark, it could potentially keep falling towards the nearby $0.5650 level as support in the short term. The significant support following this is located at $0.5550.
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 – $0.600 and $0.5850.
Major Resistance Levels – $0.6050 and $0.6220.
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2024-08-22 15:23