As a seasoned analyst with over a decade of experience in the cryptocurrency market, I have seen my fair share of bull and bear runs. The current trend for XRP is showing some promising signs.
The cost of XRP is climbing from its support at around $0.5250. If it manages to surpass the resistance levels at approximately $0.5450 and $0.5500, it could potentially see a strong upward trend.
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XRP price is attempting a fresh increase above the $0.5320 support.
The price is now trading above $0.5350 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $0.5310 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5450 and $0.5500 resistance levels.
XRP Price Holds Key Support
The cost of XRP held steady over the $0.5240 floor, indicating a solid foundation had been established. Subsequently, the price began to climb beyond $0.5350, mirroring the upward trend seen in both Bitcoin and Ethereum.
The cost surpassed the 61.8% Fibonacci retracement mark from the peak at $0.5430 to the trough at $0.5252, and also exceeded a significant bearish trendline at $0.5310 on the hourly XRP/USD chart, which previously served as a barrier of resistance.
Currently, the price is above $0.5350 and also higher than its 100-hour Simple Moving Average. If it continues to rise, potential resistance may be encountered around $0.5390. This level is near the 76.4% Fibonacci retracement mark of the downward trend from the peak at $0.5430 to the low at $0.5252.
Initially, a significant barrier to further growth lies around $0.5400. If we surpass this level, the potential resistance could move up to $0.5450. Overcoming this resistance might propel the price towards the $0.5500 mark, and additional gains may lead us to the $0.5680 or even $0.5750 resistance levels in the short term. However, a significant challenge could arise at $0.600, where sellers might reappear, posing a potential obstacle for further growth.
Another Decline?
If XRP doesn’t manage to surpass the $0.540 resistance barrier, it might trigger another drop. A potential floor for this decline could be around $0.5340 and the 100-hour SMA. The significant support lies at approximately $0.5280 level further down.
If a drop occurs beneath the $0.5280 mark and the price falls below it, there’s a possibility of further price decrease heading towards the $0.5250 support in the short run. A more significant support can be found around the $0.5120 region.
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 – $0.5340 and $0.5280.
Major Resistance Levels – $0.5400 and $0.5450.
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2024-10-14 09:04