29 October 2024
XRP price is attempting a fresh increase above the $0.5050 zone. The price must clear the $0.5250 and $0.5320 resistance levels to continue higher.
XRP price is correcting losses from the $0.4880 zone.
The price is now trading above $0.5200 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $0.5150 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5250 resistance zone.
XRP Price Struggles To Match Bitcoin’s Surge
XRP price started a recovery wave from the $0.4880 zone. It is back above $0.5050 but struggles to match Bitcoin and Ethereum momentum. The bulls were able to push the price above the $0.5150 resistance.
The price surpassed the 50% Fib retracement level of the downward wave from the $0.5333 swing high to the $0.4867 low. There is also a connecting bullish trend line forming with support at $0.5150 on the hourly chart of the XRP/USD pair.
The price is now trading above $0.5200 and the 100-hourly Simple Moving Average. It is consolidating near the 76.4% Fib retracement level of the downward wave from the $0.5333 swing high to the $0.4867 low.
On the upside, the price might face resistance near the $0.5250 level. The first major resistance is near the $0.5335 level. The next key resistance could be $0.5350. A clear move above the $0.5350 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5650 resistance or even $0.5850 in the near term. The next major hurdle might be $0.6000.
Another Drop?
If XRP fails to clear the $0.5250 resistance zone, it could start another decline. Initial support on the downside is near the $0.5150 level. The next major support is near the $0.5085 level.
If there is a downside break and a close below the $0.5085 level, the price might continue to decline toward the $0.5000 support in the near term. The next major support sits near the $0.4880 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 – $0.5150 and $0.5000.
Major Resistance Levels – $0.5250 and $0.5320.