As a seasoned crypto investor with a keen interest in XRP, I’m keeping a close eye on the latest price movements. The recent recovery of XRP above the $0.4750 resistance zone is a positive sign, but it’s important to note that the price is still facing significant hurdles before it can make a sustainable move higher.
As a market analyst, I observe that XRP‘s price is making an effort to surpass the resistance zone around $0.4750. If successful, this could ignite a bullish trend for the cryptocurrency. However, a more definitive bullish signal would be achieved if the price manages to hold above the resistance level at $0.480.
- XRP price is still struggling to gain pace for a move above the $0.4800 resistance zone.
The price is now trading above $0.4750 and the 100-hourly Simple Moving Average.
There was a break above a key contracting triangle with resistance at $0.4735 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might gain bullish momentum if there is a close above the $0.480 resistance.
XRP Price Recovers Again
As a researcher studying the cryptocurrency market, I’ve observed that XRP‘s price has been holding steady above the significant support level at $0.4620. Recently, there have been signs of an uptrend similar to Bitcoin and Ethereum. The bullish momentum gained strength, allowing the price to breach the resistance level at $0.470 and enter a short-term bullish zone.
On the hourly chart of XRP/USD, the contracting triangle’s resistance level at $0.4735 was surpassed, leading to a breakthrough. Not only did the pair exceed the resistance zone around $0.4750 and the 100-hour Simple Moving Average, but it also reached a peak price of $0.4796. Currently, the price is in the process of consolidating its losses.
The price is currently probing the $0.4750 mark, which represents a 23.6% Fibonacci retracement level during the upward surge from $0.4694 to $0.4796. At present, it hovers above both the $0.4750 threshold and the 100-hour Simple Moving Average.
As a crypto investor, I can see that the price is currently encountering resistance around the $0.4790 mark. The first significant barrier to further growth lies at the $0.4800 level. Overcoming this resistance could pave the way for the price to challenge the major hurdle at $0.4825. If we manage to breach the $0.4825 resistance, it may lead the price toward the next resistance at $0.4880.
As a crypto investor, I’m keeping an eye on the next significant resistance level, which is around $0.5050. If we manage to close above this resistance, I believe the price could surge higher, potentially reaching $0.5250. Beyond that, any further gains might propel the price towards the resistance at $0.5320.
Another Drop?
If XRP is unable to surpass the $0.480 resistance point, it may trigger another price drop. The initial floor for this potential decline lies around the $0.4745 mark and at the 50% retracement level derived from the price progression between the $0.4694 minimum and the $0.4796 peak.
As an analyst, I would interpret the situation as follows: The next significant resistance lies at $0.4730 along with the 100-hour Simple Moving Average. Should the price breach downward and close beneath this level, it could potentially trigger further declines. In such a scenario, the price may test the support at around $0.4640 in the short term.
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 – $0.4745 and $0.4640.
Major Resistance Levels – $0.4800 and $0.4825.
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2024-07-01 07:34