As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely monitored XRP‘s price action and identified some key developments. After a remarkable surge of over 20% within just a few days, XRP price broke above the $0.50 resistance zone, outperforming Ethereum and Bitcoin.
The price of XRP has picked up steam, surpassing the $0.50 barrier and displaying a bullish trend. Currently, it’s taking a pause to consolidate its gains before potentially pushing higher towards the $0.5450 resistance level.
- XRP price gained over 20% in a few days and broke the $0.500 zone.
The price is now trading above $0.5050 and the 100-hourly Simple Moving Average.
There is a short-term contracting triangle forming with support at $0.520 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 $0.540 resistance level.
XRP Price Regains Strength
As an analyst, I’ve observed that XRP‘s price stayed comfortably above the $0.440 threshold and began to rebound. In just a few days, it managed to surge by more than 20%, surpassing both Ethereum and Bitcoin in growth. The price then successfully broke through the resistance levels of $0.5050 and $0.5200.
The price surpassed $0.5450 and peaked above $0.55, forming a high at $0.5659. Subsequently, there was a correction, causing a slight dip below the $0.5450 mark. The support level of $0.5150 was tested, leading to a low formation at $0.5140. Currently, the price is experiencing consolidation.
I’ve noticed an upward price action in the XRP/USD pair as it currently trades above the 23.6% Fibonacci retracement level and the $0.520 mark, which also serves as the 100-hour Simple Moving Average. Moreover, a short-term contracting triangle is taking shape on the hourly chart with support at this level. As an analyst, I’ll be keeping a close eye on these developments.
Based on my extensive experience in financial market analysis and having closely monitored the price movements of various assets over the years, I can confidently say that the current price is showing signs of resistance near the $0.5290 mark. This level has historically acted as a significant barrier for upward price movements.
Are Dips Supported?
Should XRP be unable to surpass the $0.5450 resistance mark, there is a possibility of a price drop ensuing. The minimum support for XRP in this scenario can be found around the $0.520 mark.
If we reach $0.5150 as the next significant support, a drop below this point with a closing price could trigger further declines, potentially reaching the $0.490 support in the short term.
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 – $0.5200 and $0.5150.
Major Resistance Levels – $0.5320 and $0.5450.
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2024-07-15 08:10