11 September 2024
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.