XRP Price Gains Fade Once Again: Will Support Hold?

Share This Post

XRP price gained pace for a move above the $0.5500 support zone. The price rallied toward $0.5780 resistance and then quickly faded most gains.

  • XRP price is losing pace above the $0.5500 zone.
  • The price is now trading above $0.5320 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $0.5360 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 $0.5250 support zone.

XRP Price Eyes More Upsides

XRP price remained supported above the $0.5150 level. It formed a base and started a fresh increase above $0.5250 like Bitcoin and Ethereum. There was a move above the $0.5350 and $0.5500 resistance levels.

The bulls even pushed the price above the $0.5650 level before the bears appeared. A high is formed at $0.5758 and the price is correcting gains. There was a move below the $0.5650 support. It dipped below the 23.6% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5758 high.

The price is now trading above $0.5320 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.5360 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5758 high.

On the upside, the price might face resistance near the $0.5600 level. The first major resistance is near the $0.5650 level. The next key resistance could be $0.5780. A clear move above the $0.5780 resistance might send the price toward the $0.5880 resistance.

XRP Price

Any more gains might send the price toward the $0.5920 resistance or even $0.6000 in the near term. The next major hurdle might be $0.6200.

More Losses?

If XRP fails to clear the $0.5650 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5450 level. The next major support is near the $0.5360 level and the trend line.

If there is a downside break and a close below the $0.5360 level, the price might continue to decline toward the $0.5250 support in the near term. The next major support sits near the $0.5120 zone.

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 – $0.5450 and $0.5360.

Major Resistance Levels – $0.5600 and $0.5650.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

KuCoin’s KCS Token Price Surges 36%: Targets $16.31?

The post KuCoin’s KCS Token Price Surges 36%: Targets $1631 appeared first on Coinpedia Fintech News As the 10th biggest cryptocurrency centralized exchange on CoinMarketCap, based on traffic,

Analysts Predict Euro to Slide to Parity With US Dollar Under Trump’s Second Term

Donald Trump’s return to the White House may lead to the euro trading at par with the US dollar Diverging Interest Rate Policies Donald Trump‘s recently confirmed return to the White

Crypto Price LIVE (Nov 8th, 2024): Cardano and Neiro Lead Top Gainers!

The post Crypto Price LIVE (Nov 8th, 2024): Cardano and Neiro Lead Top Gainers! appeared first on Coinpedia Fintech News The cryptocurrency market cap has declined by 082% over the last 24 hours,

Jack Dorsey’s Block Doubles Down on Bitcoin Mining After Trump’s Election Victory

The post Jack Dorsey’s Block Doubles Down on Bitcoin Mining After Trump’s Election Victory appeared first on Coinpedia Fintech News Jack Dorsey’s company, Block (formerly Square), is increasing

BlackRock Spot Bitcoin ETF Leads With $1.12 Billion Inflow Amid BTC Rally

The post BlackRock Spot Bitcoin ETF Leads With $112 Billion Inflow Amid BTC Rally appeared first on Coinpedia Fintech News Following the overwhelming support of pro-crypto candidates in the United

Cardano Breaks the Resistance, The Growing Fundamentals May Lead the ADA Price Rally to $1 This Bull Season

The post Cardano Breaks the Resistance, The Growing Fundamentals May Lead the ADA Price Rally to $1 This Bull Season appeared first on Coinpedia Fintech News The sleeping giant seems to have woken