XRP Price Slips But Will The 100-SMA Ignite A Comeback?
11 September 2024 - 2:08PM
NEWSBTC
XRP price extended gains and tested the $0.5420 level. The price is
now correcting gains and testing the $0.5320 support zone. XRP
price could gain pace for a move above the $0.5420 resistance zone.
The price is now trading above $0.5320 and the 100-hourly Simple
Moving Average. There was a break below a connecting bullish trend
line with support at $0.540 on the hourly chart of the XRP/USD pair
(data source from Kraken). The pair could gain bullish momentum if
it clears the $0.5420 and $0.5450 resistance levels. XRP Price Eyes
Upside Break XRP price started a recovery wave above the $0.5220
level like Bitcoin and Ethereum. The price was able to climb above
the $0.5250 and $0.5320 resistance levels. Finally, the price
spiked toward the $0.5420 level before the bears emerged. The price
formed a top near $0.5426 and is now correcting gains. There was a
move below the $0.540 level. The price dipped below the 23.6% Fib
retracement level of the upward move from the $0.5021 swing low to
the $0.5426 high. There was also a break below a connecting bullish
trend line with support at $0.540 on the hourly chart of the
XRP/USD pair. The price is now trading above $0.5320 and the
100-hourly Simple Moving Average. On the upside, the price might
face resistance near the $0.5400 level. The first major resistance
is near the $0.5420 level. The next key resistance could be
$0.5450. A clear move above the $0.5450 resistance might send the
price toward the $0.5550 resistance. The next major resistance is
near the $0.5720 level. Any more gains might send the price toward
the $0.5950 resistance or even $0.600 in the near term. Another
Decline? If XRP fails to clear the $0.540 resistance zone, it could
start another decline. Initial support on the downside is near the
$0.5320 level and the 100 hourly SMA. The next major support is
$0.5225 or the 50% Fib retracement level of the upward move from
the $0.5021 swing low to the $0.5426 high. If there is a downside
break and a close below the $0.5225 level, the price might continue
to decline toward the $0.5110 support in the near term. The next
major support sits 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 below
the 50 level. Major Support Levels – $0.5320 and $0.5225. Major
Resistance Levels – $0.5400 and $0.5420.
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