As an experienced financial analyst, I have been closely monitoring the cryptocurrency market and have noticed that XRP price managed to avoid a major downside break despite Ethereum’s surges and Bitcoin’s climb above $70,000. The price is currently back above $0.5220 and eyeing a key upside break in the near term.
As a researcher studying the cryptocurrency market, I’ve observed that XRP‘s price managed to steer clear of a significant decline despite Ethereum‘s upward momentum. Currently, XRP is once again trading above $0.5220. In the near term, I see potential for an important upside price break.
- XRP started a decent increase above the $0.5150 resistance zone.
The price is now trading above $0.5250 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $0.520 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could correct gains, but the bulls might remain active near the $0.5180 zone.
XRP Price Recovers
I’ve noticed a dip in XRP‘s price approaching the $0.5065 support level. However, this downturn was short-lived as the recent surge in Ethereum, up by more than 20%, and Bitcoin breaking above $70,000 ignited robust bullish sentiments for XRP as well.
In simpler terms, the price surpassed the significant resistance levels of $0.5150 and $0.520 for the XRP/USD pair. There was a noteworthy breach above a pessimistic trend line at $0.520 on the hourly chart. Furthermore, the pair managed to exceed the resistance at $0.5320, reaching as high as $0.5386.
As an analyst, I would say that the price is currently in the process of correcting its gains and may soon reach the 23.6% Fibonacci retracement level of the upward wave. This level corresponds to a potential pullback from the $0.5386 high to the previous swing low at $0.5064.
The stock currently trades above $0.5250 and its 100-hour moving average. Immediate resistance lies at around $0.5380, followed by a significant resistance level at $0.5420. Surmounting the $0.5420 barrier could potentially lead to further price increases towards $0.5550.
Should the bulls manage to drive the price beyond the $0.5550 barrier, there’s potential for a new surge towards the next resistance at $0.5650. If this level is breached as well, we could see further upward momentum pushing the price towards the $0.5720 resistance.
Another Decline?
As a researcher studying the price movements of XRP, if it fails to surpass the resistance zone at $0.5380, we may witness a correction. The initial level of support in a potential downtrend lies around $0.5310. Further down, the next significant area of support can be found at $0.5250.
If we look at the current market trend, the key level of resistance is currently around $0.5220, which represents the 50% Fibonacci retracement point of the recent price rise from $0.5064 to $0.5386. Should the price break down and close below this mark, we may see a more significant downtrend unfold. In such an event, the support level at $0.5065 could come into play in the near future.
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 – $0.5310 and $0.5220.
Major Resistance Levels – $0.5380 and $0.5420.
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2024-05-21 05:46