As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of bull runs and bear markets. The current trend of XRP seems to be following an interesting pattern.
The cost of XRP is steadfast at around $0.500, serving as a strong support level. It’s outperforming Bitcoin and could potentially break through the barrier at $0.5120.
- XRP price is eyeing a decent increase above the $0.5120 zone.
- The price is now trading below $0.5100 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $0.5020 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it settles above the $0.5120 resistance zone.
XRP Price Eyes Steady Increase
The cost of XRP continued to drop, falling beneath the $0.5050 level that was intended as a safety net. It dipped further down to around $0.5020, but the fall wasn’t as significant as it was for Bitcoin and Ethereum.
At $0.4921, a trough was reached and the price subsequently surged upward. It overcame the hurdles at $0.4980 and $0.500. Furthermore, it transcended the 23.6% Fibonacci retracement level from the peak at $0.5236 to the low at $0.4921.
Additionally, there was an upward break above a linking bearish trend line that offered resistance at $0.5020 on the hourly chart of the XRP/USD pair. Currently, the price is trading below $0.5100 and also lower than the 100-hour Simple Moving Average.
Positively, the price could encounter a barrier around the $0.5080 mark or at the 50% Fibonacci retracement point of the downward trend from the peak of $0.5236 to the trough of $0.4921. The initial significant resistance is anticipated near the $0.5120 level.
The next key resistance could be $0.5160. A clear move above the $0.5160 resistance might send the price toward the $0.5250 resistance. Any more gains might send the price toward the $0.5320 resistance or even $0.5350 in the near term. The next major hurdle might be $0.550.
Another Decline?
If XRP doesn’t manage to surpass the $0.5080 barrier, there might be a further drop. A potential first line of defense on the downside lies around $0.500. The subsequent significant support can be found at approximately $0.4950 level.
Should a significant drop occur and the price falls beneath $0.4950, it could potentially lead to further decreases, approaching the nearby $0.4920 as potential support. A more substantial support can be found around the $0.4880 region in the near 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 – $0.5000 and $0.4950.
Major Resistance Levels – $0.5080 and $0.5120.
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2024-11-04 12:43