11 November 2024
XRP price gained pace for a move above the $0.5800 support zone. The price rallied toward $0.6150 resistance and recently corrected gains.
- XRP price is struggling to rise steadily like Bitcoin.
- The price is now trading above $0.580 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $0.5780 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase if it stays above the $0.5720 support zone.
XRP Price Eyes More Gains
XRP price remained supported above the $0.5250 level. It formed a base and started a fresh increase above $0.5550, but gains were limited compared to Bitcoin and Ethereum. There was a move above the $0.5850 and $0.6000 resistance levels.
The bulls even pushed the price above the $0.6050 level before the bears appeared. A high was formed at $0.6162 before there was a pullback. The price dipped below $0.600 and tested $0.5640. A low was formed at $0.6162 and the price is now attempting a fresh increase.
There was a move above the $0.580 resistance. The price surpassed the 50% Fib retracement level of the recent decline from the $0.6162 swing high to the $0.5630 low.
The price is now trading above $0.580 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.5780 on the hourly chart of the XRP/USD pair. On the upside, the price might face resistance near the $0.5950 level or the 61.8% Fib retracement level of the recent decline from the $0.6162 swing high to the $0.5630 low.
The first major resistance is near the $0.6040 level. The next key resistance could be $0.6150. A clear move above the $0.6150 resistance might send the price toward the $0.6220 resistance.
Any more gains might send the price toward the $0.6350 resistance or even $0.6420 in the near term. The next major hurdle might be $0.6500.
Another Decline?
If XRP fails to clear the $0.600 resistance zone, it could start another decline. Initial support on the downside is near the $0.5820 level. The next major support is near the $0.5780 level and the trend line.
If there is a downside break and a close below the $0.5780 level, the price might continue to decline toward the $0.5650 support in the near term. The next major support sits near the $0.5500 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 – $0.5820 and $0.5780.
Major Resistance Levels – $0.6000 and $0.6150.