XRP Price Coiling for a Leap: Can It Finally Break Through?
09 October 2024 - 3:08PM
NEWSBTC
XRP price is stuck in a tiny range below the $0.550 level. The
price must clear the $0.5450 and $0.5500 resistance levels to start
a fresh increase. XRP price is still stuck in a range above the
$0.5080 support. The price is now trading near $0.5320 and the
100-hourly Simple Moving Average. There is a connecting bearish
trend line forming with resistance at $0.5340 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 Eyes Fresh Surge XRP price remained supported
above the $0.5080 support level. The price started a consolidation
phase above the $0.5120 level, unlike Bitcoin and Ethereum. There
was a minor increase within a range and the price climbed above the
$0.5250 resistance. There was a move above the $0.5320 level.
However, the bears are active near the 50% Fib retracement level of
the downward wave from the $0.5453 swing high to the $0.5211 low.
The price is now trading near $0.5320 and the 100-hourly Simple
Moving Average. If there is another increase, the price might face
resistance near the $0.5340 level. There is also a connecting
bearish trend line forming with resistance at $0.5340 on the hourly
chart of the XRP/USD pair. The first major resistance is near the
$0.5460 level or the 61.8% Fib retracement level of the downward
wave from the $0.5453 swing high to the $0.5211 low. The next key
resistance could be $0.5550. A clear move above the $0.5550
resistance might send the price toward the $0.5800 resistance. Any
more gains might send the price toward the $0.6000 resistance or
even $0.6050 in the near term. The next major hurdle might be
$0.6250. Another Decline? If XRP fails to clear the $0.5360
resistance zone, it could start another decline. Initial support on
the downside is near the $0.5200 level. The next major support is
near the $0.5165 level. If there is a downside break and a close
below the $0.5165 level, the price might continue to decline toward
the $0.5050 support in the near term. The next major support sits
near the $0.5000 zone. 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 – $0.5200 and $0.5165. Major Resistance
Levels – $0.5360 and $0.5450.
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Oct 2024 to Nov 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Nov 2023 to Nov 2024