As a seasoned researcher with years of experience in the cryptocurrency market, I find myself closely observing the latest movements of XRP. The coin has been showing some interesting patterns lately, and it seems to be holding steady above $2.30. However, the resistance at $2.85 continues to pose a challenge, much like a stubborn wall in an ancient fortress that refuses to crumble.
In simpler terms, the cost of XRP experienced several upward fluctuations as it met resistance at around $2.85. Currently, it’s holding steady close to $2.50, with potential for further growth beyond the $2.65 mark.
- XRP price is struggling to gain pace for a move above the $2.80 resistance zone.
- The price is now trading above $2.30 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2.25 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to accelerate if it clears the $2.72 resistance.
XRP Price Holds Gains Above $2.30
The value of XRP tried once more to break through the barrier at $3.00, but was unsuccessful in doing so. Instead, it slid back from $2.85 and gave up some of its gains, unlike Bitcoin and similar to Ethereum. There was a drop below the levels of $2.65 and $2.50.
At $2.276, a dip occurred, but the price is currently reversing its losses. It surpassed the levels of $2.40 and $2.50 previously. The bulls managed to push it back above the 50% Fibonacci retracement level from the high at $2.848 to the low at $2.276.
Currently, the price for this asset is hovering above $2.30 and slightly above its 100-hour moving average. Additionally, a significant uptrend line is emerging on the hourly chart for the XRP/USD pair, with potential support at around $2.25.
On a positive note, it’s possible that the price may encounter resistance at approximately $2.620. The first significant level of resistance can be found near $2.720. This level is close to the 76.4% Fibonacci retracement point of the recent drop from the peak of $2.848 down to $2.276.
Moving forward, a potential barrier for further growth could be around $2.850. If we see a strong push beyond this level at $2.850, it could lead to another resistance point at $2.950. Further increases might take the price up towards $3.00 or potentially as high as $3.150 in the short term. The most significant challenge for the bulls may come at $3.20 in the near future.
Are Dips Limited?
Should XRP struggle to surpass the $2.620 barrier, there’s a possibility of another downtrend. A potential floor for this decline could be around $2.50. If the price continues to drop, significant support might be found at approximately $2.40.
Should a sharp drop occur with the price dipping below $2.40, it could potentially lead to further decreases towards the $2.30 level, which acts as a significant support point, and aligns with the trend line. The next substantial support area can be found approximately around the $2.050 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 – $2.5000 and $2.4000.
Major Resistance Levels – $2.6200 and $2.7200.
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2024-12-04 07:18