As a seasoned analyst with over a decade of experience in the crypto market, I find myself observing the XRP price action with intrigue. While it’s been consolidating above the $0.5080 support, it’s yet to break free from the $0.5450 and $0.5500 resistance levels.
The price of XRP is having difficulty surpassing the $0.550 mark. For it to begin a substantial rise, it needs to break through the resistance at $0.5450 and $0.5500 first.
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XRP price is still consolidating above the $0.5080 support.
The price is now trading near $0.5250 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $0.5380 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5450 and $0.5500 resistance levels.
XRP Price Eyes Upside Break
Despite a different trend for Bitcoin and Ethereum, XRP‘s price held steady above its support at around $0.5080. Subsequently, it began a gradual climb, surpassing the resistances at approximately $0.5220 and $0.5320.
On the hourly chart for XRP/USD, a significant jump occurred above a notable bearish trend line, with resistance at approximately $0.5380. Despite this, aggressive selling pressure was observed around the resistance level of $0.5450. The bears took action to preserve the 23.6% Fibonacci retracement level stemming from the peak at $0.6640 and the trough at $0.5070.
Currently, the price is hovering around approximately $0.5250 and aligns with the 100-hour Simple Moving Average. Should there be further growth, the price could encounter a potential obstacle around $0.5350. The initial significant resistance can be found at roughly $0.5450 level.
The next key resistance could be $0.5500. A clear move above the $0.5500 resistance might send the price toward the $0.5850 resistance. It is close to the 50% Fib retracement level of the downward wave from the $0.6640 swing high to the $0.5070 low. Any more gains might send the price toward the $0.6000 resistance or even $0.6050 in the near term. The next major hurdle might be $0.6250.
Another Decline?
Should XRP struggle to surpass the $0.5450 barrier, a potential drop might ensue. A possible first line of defense on the lower side lies around $0.5220. If the price continues to fall, the next significant support can be found at approximately $0.5150.
Should a drop occur and the price falls below the $0.5150 mark, it could potentially lead to further decreases towards the $0.5050 support level in the short run. A significant support is found approximately at the $0.5000 region.
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 – $0.5250 and $0.5120.
Major Resistance Levels – $0.5450 and $0.5500.
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2024-10-08 07:16