The XRP price has witnessed an impressive surge, climbing over 15% and holding firmly above the $0.740 support zone. The cryptocurrency continues to build momentum, and a significant breakout could occur if it successfully overcomes the $0.8450 resistance level. In this analysis, we delve into the factors contributing to XRP’s upward trajectory and explore potential future movements.
Key Highlights
- XRP’s price initiated a robust rise, breaking past the $0.720 resistance level.
- The price is currently trading above $0.750, maintaining its position above the 100-hourly Simple Moving Average.
- A significant bullish trend line is emerging, providing support at $0.7400 on the hourly chart of the XRP/USD pair, according to Kraken data.
- The pair might experience another upward push if it remains above the $0.7240 support zone.
XRP Price Gains Strength
XRP has demonstrated resilience, maintaining support above the crucial $0.620 level. This stability allowed it to form a strong base and initiate a powerful ascent beyond the $0.7000 mark. In recent trading sessions, XRP outperformed major cryptocurrencies like Bitcoin and Ethereum, particularly with its breakthrough above the $0.740 resistance level.
The price even surged past the $0.850 mark before encountering bearish pressure. A peak was established at $0.8989, followed by a pullback that saw the price dip below $0.820, finding support around $0.720. This dip tested the 61.8% Fibonacci retracement level from the $0.6700 swing low to the $0.8989 high.
Currently, XRP is trading above $0.750 and the 100-hourly Simple Moving Average. A noteworthy bullish trend line is forming, offering support around $0.740 on the hourly chart of the XRP/USD pair. This trend line aligns closely with the 76.4% Fibonacci retracement level of the upward move from the $0.6700 swing low to the $0.8989 high.
Potential Resistance Levels
On the upside, XRP may encounter resistance near the $0.8450 mark. The first significant resistance is positioned around the $0.8880 level, with the next key barrier at $0.900. A decisive move beyond the $0.900 resistance could propel the price towards the $0.9250 resistance level.
If the bullish momentum persists, XRP might target further gains, potentially reaching the $0.9550 resistance or even $0.9620 in the near future. The subsequent major hurdle could be at the $0.9850 level.
Are Dips Limited?
Should XRP struggle to breach the $0.8450 resistance zone, a downside correction might ensue. The initial support on the downside is expected near the $0.80 level, with the next major support around $0.7550.
If a downside break occurs and the price closes below the $0.7550 threshold, XRP might continue to decline towards the $0.740 support level in the short term. The subsequent significant support lies near the $0.7240 zone.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is now positioned above the 50 level, indicating bullish sentiment.
Major Support Levels: $0.8000 and $0.7550.
Major Resistance Levels: $0.8450 and $0.8880.
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This revised article includes enriched stylistic elements and enhanced word count to improve SEO compatibility, providing a comprehensive and informative analysis of XRP’s price movements.
