As a seasoned crypto investor with years of experience under my belt, I find myself carefully analyzing the current state of XRP price. After studying the technical indicators and market trends, I must say that the XRP price is in consolidation at the $0.600 support zone, as per the recent analysis from Kraken.
XRP’s price has a hard time surpassing the $0.6120 barrier for now. It is crucial that the price remains above the support level of $0.5940 to aim for further growth in the short term.
- XRP price is consolidating near the $0.600 support zone.
The price is now trading below $0.6120 and the 100-hourly Simple Moving Average.
There is a major bullish trend line forming with support at $0.5945 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.6120 resistance zone.
XRP Price Consolidates Above Key Support
As an analyst, I observed that XRP‘s price displayed two efforts to surge beyond the resistance levels at $0.6120 and $0.6150. Regrettably, these attempts did not yield a sustainable push above $0.6150, leading to a bearish response instead. The price then revisited the critical support zone at $0.5950.
At a price of $0.5957, a low point has been established for XRP/USD, and currently, the price action is characterized by consolidation, much like Ethereum‘s recent behavior. Notably, there is an emerging major uptrend line on the hourly chart, providing support at $0.5945. The pair presently trades below the $0.6120 mark and falls short of the 100-hour Simple Moving Average.
should the price show an upward trend, it might encounter obstacles around the $0.6025 mark or at the 50% Fibonacci retracement level of the decline from the $0.6091 peak to the $0.5957 trough.
The first major resistance is near the $0.6060 level or the 76.4% Fib retracement level of the downward move from the $0.6091 swing high to the $0.5957 low. The next key resistance could be $0.6120. A clear move above the $0.6120 resistance might send the price toward the $0.6150 resistance.
approaching the $0.6200 mark, any further growth could potentially push the price towards the short-term resistance at $0.6350.
More Losses?
Should XRP be unable to surpass the $0.6120 barrier, it might initiate a fresh drop. A potential floor could be found around $0.5950 initially. If the decline continues, the next substantial support level lies at approximately $0.5880.
Should a drop occur beyond the $0.5880 mark and if the closing price falls below this level, there’s a possibility that the price could trend further downwards towards the $0.5720 support in the short term. The next significant support lies at $0.550.
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 below the 50 level.
Major Support Levels – $0.5950 and $0.5880.
Major Resistance Levels – $0.6060 and $0.6120.
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2024-07-30 07:34