As a researcher with extensive experience in cryptocurrency markets, I believe that XRP‘s price correction is a normal occurrence after the recent gains above the $0.550 resistance level. The current price stability above the $0.5240 support and the forming bullish trend line are positive signs for potential further increases.
As a crypto investor, I’m observing that XRP‘s price is currently correcting its gains which reached the resistance level at $0.570. However, I find reassurance in the fact that the price remains stable above the key support of $0.5240. With this foundation in place, I believe there’s a strong potential for XRP to aim for a fresh increase in the near term.
- XRP started a decent increase and climbed above the $0.550 resistance.
The price is now trading above $0.5250 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support at $0.5320 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair could start another increase if the bulls defend the $0.5240 support.
XRP Price Holds Support
As a crypto investor, I’ve noticed an uptrend in XRP‘s price recently. It surpassed the resistance level at $0.5250 and even managed to break through the next barrier at $0.550. However, the bullish momentum was short-lived as bears emerged on the scene.
At a price of $0.5699, a peak was reached and subsequently, there was a retreat similar to Bitcoin and Ethereum‘s price actions. The value dipped below the $0.550 mark, serving as a support area. Furthermore, the price dropped beneath the 23.6% Fibonacci retracement level of the upward trend that started at $0.4787 swing low and peaked at $0.5699 high.
As a researcher, I’ve observed that the XRP/USD pair’s price has settled above the $0.5250 mark and the 100 simple moving average (SMA) on the 4-hour chart. Additionally, there is a significant bullish trend line emerging, providing support at around $0.5320.
Near the $0.5480 mark, you may encounter significant opposition to further price increase. The initial barrier to surmount lies around $0.570. Overcoming this hurdle could lead to a substantial upward trend. Following this, the next obstacle is at approximately $0.5850. Should the bulls successfully push past this level, there’s potential for a rally up to the $0.620 resistance. Any further advancements might propel the price towards the formidable resistance of $0.680.
More Losses?
If XRP is unable to surpass the $0.5480 resistance mark, there’s a risk of another price drop. The floor for this potential downtrend lies around the $0.5320 level and the trendline.
Should the price fall further and break below the next significant resistance at $0.5240, supported by the 100-simple moving average on the 4-hour chart, it may pick up momentum and head towards the $0.50 support area.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5320, $0.5240, and $0.500.
Major Resistance Levels – $0.5480, $0.570, and $0.600.
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-05-07 08:46