As an experienced financial analyst, I have closely monitored the XRP market and its price movements. Based on my analysis of the current trend, I believe that XRP price is aiming higher after successfully breaking above key resistance levels such as $0.440 and $0.450. The bullish trend line forming with support at $0.4390 adds credence to this viewpoint.
The price of XRP has surpassed the barrier at $0.440, indicating a strong upward trend. With optimistic signals emerging, there’s potential for further growth beyond the $0.4550 resistance mark.
- XRP price is attempting a recovery wave above the $0.4400 zone.
The price is now trading above $0.440 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $0.4390 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could extend gains if there is a close above the $0.450 resistance level.
XRP Price Aims Higher
XRP’s price continued to flourish in an optimistic territory, surpassing the $0.4250 threshold and advancing further. Similar to Ethereum, Ripple‘s token demonstrated superior performance compared to Bitcoin. The price successfully breached the hurdles at $0.4320 and $0.4400.
The price surpassed the $0.4450 mark and peaked beyond $0.45, reaching a new high at $0.4547. Currently, the price is pausing to consolidate its advance. There was a brief dip below the $0.4450 threshold. The 50% Fibonacci retracement level of the upward trend from the $0.4307 trough to the $0.4547 peak was tested by the price.
The current price of XRP/USD is hovering above $0.440 and the 100-hour moving average. Additionally, a significant bullish trend line is emerging on the hourly chart, providing support at $0.4390. This trend line lies near the 61.8% Fibonacci retracement level of the price rise from its low at $0.4307 to its high at $0.4547.
The cost is encountering obstacles around the $0.4550 mark. The first significant barrier lies at $0.4620. A potential subsequent hurdle may appear at $0.4650. If the price surpasses this last resistance, it could head towards the $0.480 level. Another major resistance is found near $0.4880. Further advances might push the price towards the $0.500 threshold.
Are Dips Supported?
Should XRP fall short of surpassing the $0.4550 resistance barrier, there’s a strong possibility for a price decrease. A potential floor in this scenario can be found around the $0.4450 mark.
If we reach the next significant resistance at $0.4390 along with the trendline, a breakdown below this level with a closing price could lead to further declines approaching the support of $0.4220 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 – $0.4450 and $0.4390.
Major Resistance Levels – $0.4550 and $0.4800.
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2024-07-12 07:34