As a seasoned crypto investor with over a decade of experience in this volatile market, I find myself cautiously optimistic about XRP‘s current price action. The consolidation above the $0.5785 support is encouraging, but it’s important to remember that the road to $0.600 and beyond is still fraught with resistance levels.
Currently, XRP‘s price is holding steady above its support at approximately $0.5785. To build positive momentum, it needs to surpass the resistances at around $0.5950 and $0.6050.
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XRP price is still trading below the $0.600 resistance zone.
The price is now trading above $0.590 and the 100-hourly Simple Moving Average.
There was a break above a major bearish trend line with resistance at $0.5865 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5950 and $0.6050 resistance levels.
XRP Price Eyes Upside Break
The price of XRP held steady above the $0.5780 mark, mirroring the growth seen in both Bitcoin and Ethereum. Notably, it managed to break through the resistance at $0.5850 and $0.5880.
On the hourly chart for XRP/USD, there was a significant jump above a strong downtrend line that offered resistance at approximately $0.5865. This surge took the pair beyond $0.5920 and approached the halfway point (50%) of the recent drop from the peak of $0.6123 to the trough of $0.5784.
Currently, the price is being traded above $0.590 and also higher than its 100-hour Simple Moving Average. As we look ahead, potential obstacles for the price increase may arise around the $0.5950 mark. The primary resistance lies near $0.600, with another significant barrier at either $0.6050 or the 76.4% Fibonacci retracement level from the price drop between the $0.6123 peak and the $0.5784 trough.
Breaking through the $0.6050 barrier could potentially drive the price up towards the next resistance at $0.6120. Further increases may lead to the $0.6250 resistance or possibly even the $0.6320 level in the short term.
Another Decline?
Should XRP struggle to surpass the resistance at approximately $0.5950, a potential drop may ensue. A tentative floor could form around $0.5865 if it does decline. The subsequent significant support level lies around $0.5785.
Should a drop occur beyond the $0.5785 mark and the price falls below that level, it could potentially trend further downwards towards the nearby $0.5665 support. A more significant support can be found at around $0.5500 in the short term.
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 – $0.5865 and $0.5785.
Major Resistance Levels – $0.5950 and $0.6050.
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2024-09-25 10:16