As a seasoned researcher with years of experience in the cryptocurrency market, I can confidently say that XRP is showing signs of bullish momentum. Having closely monitored its price movements for quite some time now, it’s clear to me that the current support at $0.5320 is holding strong.
The cost of XRP is gradually climbing up, having found support at approximately $0.5220. If it manages to overcome the resistance at around $0.5360 and $0.5450, it could potentially trigger a bullish trend.
- XRP price is slowly moving higher above the $0.5320 support.
The price is now trading above $0.5340 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5360 and $0.5450 resistance levels.
XRP Price Aims Higher
The price of XRP held steady over the $0.5220 barrier, while both Bitcoin and Ethereum saw fluctuations. A solid foundation was established, leading to an upward trend that surpassed the $0.5350 level.
Initially, the price reached and tested the level of $0.5450 as resistance, but then it dropped to $0.5240. A new low was established at $0.5239, following which the price has begun to rise again. There was an uptrend within a certain range, and the price managed to surpass the $0.5320 resistance level.
In simpler terms, the price has surpassed a key resistance level (50% Fibonacci retracement level) from its recent drop between $0.5439 and $0.5239, and is now trading above $0.5320 and the 100-hour moving average. Additionally, there’s a rising bullish trend line appearing on the hourly XRP/USD chart, providing support at $0.5280.
On a positive note, the price could encounter resistance around $0.5360. This level is near the 61.8% Fibonacci retracement level of the recent fall from the peak at $0.5439 to the trough at $0.5239.
Initially, a significant barrier to further increase is expected around $0.5420. If we surpass this point, the following key resistance could appear at $0.5450. Overcoming $0.5450 could potentially propel the price towards the next potential barriers at $0.5500 and possibly $0.5680 or even $0.5750 in the short term. The main challenge ahead might be $0.600.
Another Decline?
If XRP doesn’t manage to break through the $0.5360 barrier, there’s a possibility it could initiate another drop. A potential first line of defense on the low side lies at around $0.5285. The next significant support is anticipated near $0.5240 level.
If a drop occurs and the price falls below the $0.5220 mark, it could potentially head lower towards the $0.5120 support in the immediate future. A significant level of support can be found around the $0.5050 area.
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 – $0.5285 and $0.5220.
Major Resistance Levels – $0.5360 and $0.5450.
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2024-10-11 07:16