16 October 2024
XRP price is moving higher above the $0.5400 zone. The price must settle above the $0.5550 resistance to set the pace for a larger increase.
XRP price is attempting a fresh increase above the $0.540 zone.
The price is now trading above $0.5410 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $0.5395 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.550 and $0.5550 resistance levels.
XRP Price Revisits Resistance
XRP price started a downside correction from the $0.5550 resistance zone. There was a move below the $0.5420 support. However, the bulls were active at $0.5320. A low was formed at $0.5317 and the price is now rising like Bitcoin and Ethereum.
The price climbed above the $0.5380 and $0.540 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $0.5550 swing high to the $0.5317 low.
The price is now trading above $0.540 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.5395 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $0.5460 level or the 61.8% Fib retracement level of the downward move from the $0.5550 swing high to the $0.5317 low. The first major resistance is near the $0.5500 level. The next key resistance could be $0.5550.
A clear move above the $0.5550 resistance might send the price toward the $0.5650 resistance. Any more gains might send the price toward the $0.5800 resistance or even $0.5880 in the near term. The next major hurdle might be $0.6000.
Another Decline?
If XRP fails to clear the $0.550 resistance zone, it could start another decline. Initial support on the downside is near the $0.540 level and the trend line. The next major support is near the $0.5320 level.
If there is a downside break and a close below the $0.5320 level, the price might continue to decline toward the $0.5210 support in the near term. The next major support sits near the $0.5050 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 – $0.5400 and $0.5320.
Major Resistance Levels – $0.5500 and $0.5550.