The cost of XRP is picking up speed, surpassing the $0.5350 support level. If this trend continues, it could push towards breaking the $0.5650 resistance point.
- XRP price is gaining pace above the $0.5350 zone.
- The price is now trading above $0.5400 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $0.5450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it settles above the $0.5550 resistance zone.
XRP Price Gains Strength
The price of XRP held steady above 0.5050 dollars, establishing a foundation for growth similar to Bitcoin and Ethereum. It surpassed key resistance points at 0.5150, 0.5320, and 0.5350 dollars, indicating an upward trend.
The bulls managed to push the price beyond the $0.5500 threshold, reaching a new peak at $0.5580. Currently, the price is poised for further growth. It remains steady above the 23.6% Fibonacci retracement level, which marks the upward trend from the $0.5267 low to the $0.5580 high.
currently, the price for this pair is higher than $0.5400 and aligns with the 100-hour moving average. Additionally, a significant uptrend line is emerging on the hourly chart of XRP/USD, providing support at around $0.5450.
Looking on the positive side, the cost may encounter resistance around the $0.5580 mark. The primary potential obstacle is at approximately $0.5650, and a significant resistance could emerge at $0.5720. If there’s a strong push above the $0.5720 barrier, it might propel the cost toward the $0.5800 resistance level.
Further increases could potentially push the price up towards the short-term resistance at around $0.5880 or even $0.5920. A significant challenge may come at $0.6000 in the near future.
Are Dips Supported?
If XRP doesn’t manage to surpass the $0.5580 barrier, it might trigger a potential drop. A initial floor could be found at around $0.5500. Further significant support lies at approximately $0.5450 and the existing trendline.
If the price drops significantly and falls beneath the $0.5450 mark, it could potentially slide further down towards the $0.5350 level as a short-term support. The significant support lies approximately at the $0.5220 area in the foreseeable future.
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 – $0.5450 and $0.5350.
Major Resistance Levels – $0.5580 and $0.5650.
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2024-11-07 07:16