XRP Price Stabilizes at $1.30: Can Momentum Build?

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As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I find myself once again analyzing the XRP price action. The current consolidation near the $1.400 zone has been a familiar dance for many altcoins this year, and XRP is no exception.

As I observe the current market trends, it appears that the XRP price is stabilizing around the $1.400 region. To initiate an imminent upward trajectory, we need to surpass the resistance at approximately $1.4550.

  • XRP price is struggling to gain pace for a move above the $1.50 level.
  • The price is now trading below $1.450 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $1.4550 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might gain traction if it clears the $1.4550 resistance.

XRP Price Stuck Below $1.50

The value of XRP failed to pick up speed in its attempt to surpass the $1.50 mark. Instead, it plunged once more, even dropping below the $1.30 threshold. A low was established at $1.2828, but now, the price is rebounding and, unlike Bitcoin, it’s showing signs of recovery similar to Ethereum.

There was a move above the $1.3250 and $1.340 resistance levels. The price tested the 50% Fib retracement level of the downward move from the $1.5389 swing high to the $1.2828 low. However, the bears seem to be active near the $1.420 resistance zone.

Currently, the price is dipping under $1.45 and below its 100-hour moving average. As it moves upward, potential obstacles could arise at approximately $1.420. The initial significant resistance can be found at $1.450 or the 61.8% Fibonacci retracement level of the price drop from the peak of $1.5389 to the low of $1.2828.

There is also a key bearish trend line forming with resistance at $1.4550 on the hourly chart of the XRP/USD pair. The next key resistance could be $1.50.

If the price breaks through the $1.50 barrier, it could climb towards the next resistance at $1.55. Further increases may push the price up to $1.60 or even $1.62 in the short term. The main challenge for bulls in the near future might be at $1.65 or $1.655.

Another Drop?

Should XRP struggle to surpass the $1.4550 resistance area, there’s potential for a price decrease to follow. A first line of defense on the downside may be found around the $1.3200 mark. If the price continues falling, the next significant support level is approximately at $1.30.

If the price falls significantly and drops below the $1.30 mark, it could potentially keep falling towards the $1.2800 support level. A significant support lies around the $1.2650 region.

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 below the 50 level.

Major Support Levels – $1.3200 and $1.3000.

Major Resistance Levels – $1.4200 and $1.4550.

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2024-11-27 07:16