As a seasoned financial analyst with over a decade of experience in the cryptocurrency market, I have closely monitored XRP‘s price action and have formed the following opinion based on the latest developments.
The price of XRP has surpassed the $0.600 mark, rising further. However, it’s currently taking a pause to consolidate its gains. A potential correction may occur, bringing the price down to around $0.5850 for balance.
- XRP price started another increase above the $0.60 resistance zone.
The price is now trading above $0.5850 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $0.5820 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could correct lower, but the bulls might be active near the $0.5850 level.
XRP Price Clears The $0.60 Hurdle
As a crypto investor, I’ve observed that the XRP price held strong above the $0.550 mark and embarked on a new upward trend. It successfully surpassed the resistance at $0.5850 and continued to build momentum. In contrast, Ethereum and Bitcoin faced challenges in maintaining their upward trajectory.
In our earlier analysis, we anticipated that the price would surpass the $0.60 resistance. Not only did it do so, but it reached a peak of $0.6374. Currently, there’s a correction taking place and the price has dipped slightly below $0.62. Additionally, the price has fallen beneath the 23.6% Fibonacci retracement level of the upward trend that started at the $0.5330 swing low and peaked at $0.6374.
The XRP/USD pair’s hourly price has risen above $0.600 and the 100-hour moving average. Moreover, a significant bullish trend line is emerging on the hourly chart, providing support at $0.5820. This trend line is in proximity to the 50% Fibonacci retracement level of the price surge from $0.5330 low to $0.6374 high.
Based on my extensive experience in financial markets and analysis of various price trends, I can tell you that the stock or asset in question is currently facing resistance near the $0.620 level. This is a common occurrence in market movements, where prices reach a point where buyers are unwilling or unable to push the price higher.
Are Dips Limited?
Should XRP fall short of surmounting the $0.620 resistance barrier, it may trigger a decline. The initial floor for this potential correction lies around the $0.600 mark. Notably, the subsequent support lies at $0.5850 and the trendline.
As a researcher studying the financial markets, I would interpret a breakdown with a closing price below the $0.5850 mark as potentially leading to further declines. The next supportive level to watch out for in this scenario would be around the $0.550 area.
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 – $0.5850 and $0.5500.
Major Resistance Levels – $0.620 and $0.6350.
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2024-07-18 07:16