As a seasoned crypto investor with over a decade of experience, I’ve seen my fair share of market fluctuations. The recent recovery wave of XRP above $0.5320 is a promising sign, but it’s important to remember that the road to significant gains often comes with some bumps along the way.
The cost of XRP began a rebound climb surpassing the 0.5320 dollar mark. If it manages to overcome the resistance at 0.5480 and 0.550 dollars, its momentum could strengthen further.
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XRP price is aiming for a move above the $0.550 resistance zone.
The price is now trading above $0.5320 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $0.5325 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5480 and $0.550 resistance levels.
XRP Price Starts Recovery
Initially, the value of XRP stabilized around 0.5020 USD, signaling the commencement of an uptrend similar to Bitcoin and Ethereum. Subsequently, the price began a steady climb surpassing hurdles at 0.5220 USD and 0.5250 USD resistance levels.
As a crypto investor, I’ve seen the bullish momentum push the price beyond the 50% Fibonacci retracement mark of the recent downward wave, which extended from the peak at $0.5625 to the trough at $0.5020. The market even surged past the $0.540 level before encountering resistance.
Currently, the price for this pair has moved beyond $0.5320 and aligns with its 100-hour Simple Moving Average. Additionally, a potential bullish trend line is emerging on the hourly chart of the XRP/USD pair, providing support at approximately $0.5325.
Positively, there’s a possibility that the price may encounter obstacles close to the $0.5420 mark. This first potential hurdle is either at the $0.5480 level or the 76.4% Fibonacci retracement point of the downward trend from the peak of $0.5625 to the trough of $0.5020. A further significant resistance could be found at $0.5550.
As a researcher, I’m observing the market trends and noting that surpassing the current resistance at $0.5550 could potentially propel the price further to reach the next resistance around $0.5680. If we continue to see more positive momentum, the price might even approach the $0.5880 resistance in the near future, with a potential extension up to $0.600 as well.
Another Decline?
If XRP doesn’t manage to surpass the $0.5420 barrier, there might be a renewed drop in its price. A potential first line of defense on the lower end can be found around $0.5320, along with the trendline. The following significant support level is at $0.5220.
Should a drop occur followed by a closing price below $0.5220, it could potentially trigger further decreases, possibly reaching the $0.5080 support level in the short run. A more significant support can be found at $0.5020.
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 above the 50 level.
Major Support Levels – $0.5320 and $0.5220.
Major Resistance Levels – $0.5420 and $0.5500.
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2024-09-10 07:34