As a seasoned crypto investor with over a decade of experience navigating the digital asset market, I find myself cautiously optimistic about the current state of XRP. The price consolidation near the $1.450 zone is a positive sign, and if it manages to break through the $1.50 level, we might be in for a fresh surge.
The cost of XRP is holding steady around the $1.450 area. It appears to be indicating favorable trends, potentially poised for an upward push beyond the $1.50 mark in the near future.
- XRP price is eyeing a fresh increase above the $1.465 resistance zone.
- The price is now trading above $1.450 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.4580 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might gain momentum if it clears the $1.500 resistance.
XRP Price Holds Gains Above $1.40
The price of XRP held steady around the $1.30 area, establishing a foundation from which it’s now experiencing an increase similar to both Bitcoin and Ethereum. It has surpassed the resistance at $1.3550 and $1.3750 recently.
On the XRP/USD chart, there was a significant leap surpassing a notable bearish trend line with a resistance at $1.4580. The pair then managed to go beyond the $1.50 mark. A peak was reached at $1.5238, and currently, the price is stabilizing near the 23.6% Fibonacci retracement level from the downward trend between the $1.2828 swing low and the $1.5238 high.
Currently, the price is hovering above $1.45 and surpassing its 100-hour Simple Moving Average. As it moves upward, potential obstacles could arise around the $1.50 mark. The initial significant resistance can be found near $1.5250.
The next key resistance could be $1.550. A clear move above the $1.550 resistance might send the price toward the $1.5850 resistance. Any more gains might send the price toward the $1.600 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.650 or $1.6550.
Another Decline?
If XRP doesn’t manage to surpass the $1.500 barrier, it might trigger a drop. The first potential support for this decline could be around $1.4300. After that, significant support might be found at $1.40 or the 50% Fibonacci retracement level of the upward journey from the $1.2828 low to the $1.5238 high.
If a drop occurs beyond the $1.40 mark and the closing price falls beneath it, the value could potentially drop further towards the reinforcement at $1.3750. Notably, a significant support lies in the vicinity of the $1.350 region.
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 above the 50 level.
Major Support Levels – $1.4300 and $1.4000.
Major Resistance Levels – $1.5000 and $1.5250.
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2024-11-28 07:16