As a seasoned analyst with over a decade of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. Today, I see XRP price regaining its strength after finding support near the $0.5600 zone. The current upward trend suggests a potential break above the $0.60 resistance zone, which could be a promising sign for investors.
As a crypto investor, I’ve noticed that the XRP price has been holding steady around the $0.5600 region, acting as a support point. Now, it seems like the price is on an upward trajectory once more and could potentially push through the $0.60 resistance level.
- XRP price remained supported near the $0.560 zone.
The price is now trading above $0.5750 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $0.5750 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.590 and $0.600 resistance levels.
XRP Price Regains Strength
Initially, the value of XRP followed a downward trend, starting from around $0.5985, much like Bitcoin and Ethereum. This decline dropped below the $0.5750 support level, but the buyers appeared to be quite active around the $0.560 mark.
Initially, a dip occurred at $0.5597, but then the price began a new bullish trend, surpassing both Bitcoin (BTC) and Ethereum (ETH). The price steadily climbed over the resistance levels of $0.570 and $0.5720. It also crossed the 50% Fibonacci retracement level from the peak at $0.5989 to the trough at $0.5597.
On the hourly XRP/USD chart, a break occurred above a bearish trend line that offered resistance at approximately $0.5750. Currently, the price stands above this level and also above the 100-hour Simple Moving Average.
Positively, there’s a possibility that the price could encounter a barrier around the $0.5890 region. This area is significant because it aligns closely with the 76.4% Fibonacci retracement level of the price drop from the peak at $0.5989 to the trough at $0.5597. The initial strong resistance could be found near $0.590.
The next key resistance could be $0.600. A clear move above the $0.600 resistance might send the price toward the $0.6120 resistance. The next major resistance is near the $0.6250 level. Any more gains might send the price toward the $0.6320 resistance or even $0.6440 in the near term.
Another Decline?
Should XRP not manage to surpass the $0.590 barrier, there’s a chance we might witness another drop. A potential floor could be found at approximately $0.5765. Below that, significant support lies at $0.5750.
If a drop occurs beyond the $0.5750 mark and the closing price is below this level, it could potentially lead to further decreases, possibly heading towards the short-term support at $0.560. The following significant support can be found at $0.5420.
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 – $0.5765 and $0.5600.
Major Resistance Levels – $0.5900 and $0.6000.
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2024-09-17 08:10