As a seasoned crypto investor with years of experience under my belt, I’ve seen market fluctuations like these countless times. The current rise in XRP price is indeed promising, with the break above the $1.5850 resistance and trading above both the 100-hourly SMA and the 76.4% Fib retracement level.
The cost of XRP is climbing steadily, surpassing the $1.480 mark, and it appears to be on an upward trajectory. The trend suggests that it could potentially surge past the $1.60 threshold soon.
- XRP price is eyeing a fresh increase above the $1.5850 resistance zone.
- The price is now trading above $1.520 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.4450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might gain momentum if it clears the $1.600 resistance.
XRP Price Starts Fresh Increase Above $1.50
The cost of XRP has been holding steady around the $1.400 area. It’s since established a foundation, and more recently, it’s begun to trend upwards much like Bitcoin and Ethereum have. Notably, it’s surpassed the resistance levels at $1.420 and $1.4350.
On the hourly chart for XRP/USD, there was a significant jump past a pessimistic trend line at around $1.4450, which also served as a resistance point. The pair successfully surpassed the $1.50 mark, indicating a strong upward momentum. Moreover, this move exceeded the 61.8% Fibonacci retracement level of the decline from the peak of $1.6339 to the trough of $1.2594.
Currently, the price is sitting above $1.50 and has surpassed its 100-hour Simple Moving Average. Additionally, it’s risen above the 76.4% Fibonacci retracement level of the downward trend from the peak at $1.6339 to the trough at $1.2594.
On a positive note, it’s likely that the price could encounter obstacles at approximately $1.5850. The first significant barrier is around $1.600. If we move forward, another crucial resistance might appear at $1.6350. A decisive break above this level could potentially propel the price towards the $1.6650 resistance. Further gains may lead to the $1.680 resistance or possibly even $1.6920 in the immediate future. The next substantial challenge for the bulls might be located at $1.70.
Another Pullback?
If XRP doesn’t manage to break through the $1.600 barrier, there might be a potential decline. The first significant support could be around $1.500. A more substantial support lies at approximately $1.480.
Should a drop occur beyond the $1.480 mark and the price falls below this level, it could potentially slide further towards the $1.4550 support. A significant support lies roughly around the $1.400 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 – $1.5000 and $1.4800.
Major Resistance Levels – $1.6000 and $1.6350.
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2024-11-29 07:16