XRP Price Sets Sights on Larger Gains: Can Bulls Push Higher?

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As a seasoned analyst with over a decade of experience in the cryptocurrency market, I have seen my fair share of bull and bear cycles. Looking at the current situation of XRP, it seems that while the price is moving higher above the $0.5880 support zone, it’s not quite catching up to the pace set by Bitcoin or Ethereum. However, it’s important to remember that every coin has its own unique dynamics and XRP might just surprise us yet.

The cost of XRP is gradually climbing over the $0.5880 support level, but it’s now taking a break from its upward trend as it recently tested the $0.6330 region.

  • XRP price is struggling to gain pace like Bitcoin.
  • The price is now trading above $0.5980 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $0.5940 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could start another increase if it stays above the $0.5700 support zone.

XRP Price Holds Support

Despite the price of XRP dipping below the $0.5550 mark initially, it managed to establish a foundation and gradually rose above $0.5800. However, its growth was relatively modest compared to Bitcoin and Ethereum. The price surged past the resistance at $0.6150 and $0.62200.

Initially, the bulls drove the price over the $0.6300 mark, but soon the bears emerged and formed a peak at $0.6336. After this, there was a decline that took the price down to around $0.6220, where it also tested the $0.6150 level. The current price is testing the 50% Fibonacci retracement line of the upward trend from the $0.5709 low to the $0.6336 high.

Currently, the price of XRP/USD is moving above $0.5980 and following closely to its 100-hour Simple Moving Average. Additionally, a significant bullish trend line is developing, offering support at approximately $0.5940 on the hourly chart. This trend line is near the 61.8% Fibonacci retracement level of the upward price movement from the $0.5709 low to the $0.6336 high.

Positively, the cost may encounter a barrier close to $0.6150. The initial significant obstacle lies around $0.6220. Subsequently, a notable resistance could be at $0.6350. A decisive break above the $0.6350 barrier might push the price towards the potential resistance of $0.6465.

Any more gains might send the price toward the $0.6550 resistance or even $0.6720 in the near term. The next major hurdle might be $0.6880.

Another Drop?

If XRP doesn’t manage to surpass the $0.6150 barrier, it may initiate another drop. A potential floor in this situation could be around $0.5980. Below that, significant support can be found near $0.5940 and the existing trend line.

As a researcher, if the market experiences a significant downturn and closes below the $0.5940 mark, I anticipate that the price may further dip towards the nearby $0.5700 support level in the short term. A key additional support can be found in the vicinity of the $0.5550 zone.

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 – $0.5980 and $0.5940.

Major Resistance Levels – $0.6150 and $0.6350.

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2024-11-12 07:16