As a seasoned crypto investor with a knack for spotting trends and patterns, I see the current XRP price consolidation as a promising opportunity. The price holding above the $0.5400 zone is a positive sign, especially considering it’s trading above the 100-hourly Simple Moving Average. However, the bearish trend line at $0.5465 could pose a temporary challenge.
The current XRP price is maintaining its upward momentum, surpassing the $0.5450 region. In the upcoming period, it looks like there could be further increases, potentially exceeding the $0.5550 and $0.5650 thresholds.
- XRP price is consolidating above the $0.5400 zone.
- The price is now trading above $0.5420 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $0.5465 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.550 and $0.5550 resistance levels.
XRP Price Eyes Upside Break
XRP price remained stable above the $0.5320 support zone like Bitcoin and Ethereum. The bulls even tried to push the price above the $0.5550 resistance zone.
Initially, a peak was reached at $0.5659, after which there was a new drop. The value then approached the $0.5400 region. A trough was established at $0.5398, and currently, the price is stabilizing following its decline. It’s now close to the 23.6% Fibonacci retracement level in the downward trend from the peak at $0.5659 to the low at $0.5398.
Currently, the price has moved beyond $0.540 and surpassed its 100-hour moving average. As it advances, potential resistance could be encountered around the $0.5465 mark. Additionally, a downward trend line is developing with a resistance point at $0.5465 on the hourly XRP/USD chart, hinting at a bearish trend.
The first major resistance is near the $0.5550 level or the 61.8% Fib retracement level of the downward move from the $0.5659 swing high to the $0.5398 low. The next key resistance could be $0.5650.
If the price breaks through the $0.5650 barrier, it could potentially rise to the next resistance at $0.5800. Further increases may push the price up to $0.5880 or possibly $0.5925 in the short term. The significant challenge ahead could be at $0.6000.
Another Drop?
If XRP struggles to surpass the $0.550 barrier, there might be a renewed drop in price. A potential floor could form around $0.540. The significant support lies approximately at $0.5345.
Should a drop occur followed by a fall beneath the $0.5345 mark and a subsequent closure below this level, the price could potentially trend lower towards the $0.5280 support in the immediate future. A significant next line of defense can be found around the $0.5220 area.
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 below the 50 level.
Major Support Levels – $0.5400 and $0.5345.
Major Resistance Levels – $0.5500 and $0.5550.
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2024-10-18 07:16