As a researcher with experience in cryptocurrency market analysis, I believe that XRP price is showing signs of a potential breakout above the $0.520 resistance level. The recent recovery wave, which began after the price settled above the $0.4950 and $0.50 resistance levels, has been impressive.
As a crypto investor, I’m observing that XRP‘s price is making an effort to surge past the resistance level at $0.5050. If successful, this breakthrough could ignite a bullish trend for the coin, propelling it further upwards once it manages to overcome the next hurdle at $0.520.
- XRP is eyeing a steady move above the $0.520 level.
The price is now trading above $0.5120 and the 100-hourly Simple Moving Average.
There was a break above a short-term declining channel with resistance at $0.5025 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start another increase if there is a close above the $0.520 resistance.
XRP Price Eyes Breakout
Yesterday, XRP‘s price showed signs of bouncing back, similar to Bitcoin and Ethereum. It successfully surpassed the hurdles at $0.4950 and $0.50.
On the hourly chart for XRP/USD, the short-term downward trendline, which offered resistance at $0.5025, was breached. Notably, the pair surpassed the $0.5150 resistance level and finished its trading session above the 100-hour Simple Moving Average.
As a researcher studying market trends, I’ve observed that the asset reached a peak of $0.5195 in its recent upward movement from the previous swing low at $0.4980. Currently, it is consolidating above the 23.6% Fibonacci retracement level and has also surpassed the $0.5120 mark and lies above the 100-hour Simple Moving Average.
The price is currently encountering strong opposition around the $0.5185 mark. The initial hurdle for advancement lies at $0.5200. Overcoming this barrier could lead to further growth. The subsequent significant barrier is located at $0.5220. If buying pressure persists above this level, the market may surge towards $0.5350. Any additional gains could potentially push the price up to the $0.550 resistance.
Another Decline?
Should XRP be unable to surpass the $0.520 resistance point, a further drop may ensue. A preliminary floor for XRP can be found around $0.5145. The following significant support lies at $0.5120.
If the stock price experiences a significant decline and falls below the $0.5120 mark, it may lead to a more rapid drop. In such a scenario, the price could potentially dip below the $0.5050 support area or even reach the 61.8% Fibonacci retracement level of the recent upward trend from the $0.4980 swing low to the $0.5195 high.
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 – $0.5120 and $0.5050.
Major Resistance Levels – $0.5200 and $0.5220.
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2024-05-16 08:10