As a seasoned crypto investor with a knack for technical analysis, I find myself eyeing XRP‘s current price action with a mix of anticipation and caution. Having weathered numerous market cycles, I can say that the cryptocurrency market is as unpredictable as ever, but understanding the underlying trends and patterns can help us make informed decisions.
Currently, the XRP price is holding steady above its support level at around $0.5450. To initiate an uptrend soon, it needs to surpass the resistance at approximately $0.5800.
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XRP price is attempting a fresh increase above the $0.5650 level.
The price is now trading below $0.580 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.570 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $0.580 resistance zone.
XRP Price Eyes Breakout
The cost of XRP continued to decline, dropping below its support at around $0.550. It briefly touched $0.5450, forming a new low at $0.5457. Currently, there’s an effort to rise again, similar to Bitcoin and Ethereum.
The price surpassed both the $0.5550 and $0.5600 mark, also exceeding the halfway point (50%) of the recent downtrend from the peak at $0.6020 to the low at $0.5457. Yet, it seems that bears are quite active around the $0.580 resistance area.
As an analyst, I’ve noticed a significant bearish trend emerging in the XRP/USD market. A resistance line is forming at approximately $0.570 on the hourly chart, and currently, the price is hovering below this level. Moreover, the price is also sitting beneath the 100-hour Simple Moving Average, which could potentially indicate a bearish outlook in the near term.
In a positive light, the price appears to be encountering obstacles around the $0.570 mark. The initial significant barrier lies at approximately $0.580. This level is also close to the 61.8% Fibonacci retracement level from the price drop between the peak of $0.6020 and the trough of $0.5457.
In simpler terms, if the price breaks past $0.5850, it could potentially rise towards $0.6050. Beyond that, significant resistances are seen at around $0.6200 and $0.6320, with further gains possibly pushing the price up to $0.650 in the near future.
Another Drop?
Should XRP struggle to surpass the $0.580 barrier, it might trigger a new drop in price. A potential cushion for declines lies around $0.5580. A more substantial support can be found at $0.5450.
If the price falls significantly and drops below the $0.5450 mark, it could potentially drop further towards the $0.5320 support level. Another significant support can be found at $0.5250.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 50 level.
Major Support Levels – $0.5580 and $0.5450.
Major Resistance Levels – $0.5700 and $0.5800.
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2024-08-13 07:34