As a seasoned crypto investor with a knack for spotting trends, I find myself intrigued by the current momentum of XRP. The price surge above the $0.740 support and the bullish trend line formation are promising signs that XRP could be on its way to challenge the $0.8450 resistance.
The cost of XRP has climbed more than 15%, breaking through the $0.740 barrier, and is expected to keep rising. If it manages to surpass the $0.8450 hurdle, its upward momentum might gather pace.
- XRP price started a strong increase above the $0.720 resistance.
- The price is now trading above $0.750 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $0.7400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it stays above the $0.7240 support zone.
XRP Price Gains Strength
The value of XRP held steadfast over the $0.620 threshold, establishing a foundation for growth. Subsequently, it experienced a robust surge surpassing $0.7000. In the recent two trading sessions, XRP demonstrated superior performance compared to Bitcoin and Ethereum, successfully breaching the resistance at $0.740.
Initially, the price surged past the $0.850 mark, reaching a peak at $0.8989. However, it subsequently retreated, touching $0.820 and even dipping as low as $0.720. Notably, it also touched the 61.8% Fibonacci retracement level following the upward trend from the $0.6700 bottom to the $0.8989 peak.
Currently, the price for XRP/USD is above $0.750 and slightly above its 100-hour moving average. Additionally, a significant bullish trend line is forming near $0.740 on the hourly chart. This trend line is approaching the 76.4% Fibonacci retracement level from the price drop at $0.6700 to the peak at $0.8989.
Positively, the cost may encounter a barrier around $0.8450. The initial significant barrier can be found at $0.8880, followed by another key barrier at $0.900. A decisive break above the $0.900 barrier could potentially push the price towards the resistance at $0.9250.
Additional increases could push the price up towards the short-term resistance at around $0.9550, and potentially as high as $0.9620. However, a significant challenge may arise at $0.9850 in the near future.
Are Dips Limited?
Should XRP be unable to surpass the resistance at approximately $0.8450, it may trigger a potential drop in price. A possible first line of defense on the downside lies around the $0.80 mark. If the decline persists, significant support could be found near the $0.7550 level.
Should a sudden drop occur and the price falls below the $0.7550 mark, it could potentially lead to further decreases, possibly reaching the $0.740 support in the short term. A significant support level can be found around the $0.7240 area 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 – $0.8000 and $0.7550.
Major Resistance Levels – $0.8450 and $0.8880.
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2024-11-15 07:16