As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen more than a few market cycles. The current trend with XRP is something that catches my attention due to its steady performance and potential for growth.
Currently, XRP‘s price is maintaining its upward momentum above the $0.5250 mark. It seems to be moving within a narrow band and may soon try to break through the $0.550 barrier as resistance.
- XRP price is eyeing a clear move above the $0.5420 resistance zone.
The price is now trading above $0.5330 and the 100-hourly Simple Moving Average.
There was a break above a short-term bearish trend line with resistance at $0.5360 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5420 and $0.5450 resistance levels.
XRP Price Eyes Upside Break
The value of XRP held steady above the $0.5220 threshold, much like both Bitcoin and Ethereum. Subsequently, its price surged within this range, successfully breaking past the $0.5320 barrier that had previously acted as a resistance.
The cost surpassed the 50% Fibonacci retracement point in the decline from the peak of $0.5426 to the low of $0.5234. Additionally, there was a breakthrough above a temporary bearish trend line with resistance at $0.5360 on the hourly chart of the XRP/USD pairing.
Currently, the price is higher than $0.5330 and also above its 100-hour moving average. As it moves upward, potential obstacles could arise around the $0.5380 mark or at the 76.4% Fibonacci retracement level of the downward trend that started from the peak at $0.5426 and ended at $0.5234.
Initially, a significant barrier lies around the $0.5420 mark. Subsequently, another crucial barrier may appear at $0.5450. If the price manages to surpass the $0.5450 barrier, it could potentially push the price towards the $0.5550 resistance level.
As a crypto investor, I’m keeping an eye on the upcoming resistance levels. The next significant one appears to be around $0.5640. Should we see further growth, it could potentially propel the price towards the $0.5800 resistance or even reach as high as $0.5880 in the short term.
Another Decline?
If XRP doesn’t manage to surpass the resistance at approximately $0.5420, it might trigger another drop. A potential floor in this scenario could be around $0.5330, which coincides with the 100-hour Simple Moving Average (SMA), and further significant support lies at $0.5280.
If the price drops significantly and falls beneath the $0.5280 mark, it could potentially slide further down to the $0.5220 level as immediate support in the short term. A more significant support can be found at $0.5150.
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 – $0.5330 and $0.5280.
Major Resistance Levels – $0.5420 and $0.5450.
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2024-09-12 08:10