Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
XRP Price Set To Resume Upside: Is Momentum Building?

XRP Price Set To Resume Upside: Is Momentum Building?

NewsbtcNewsbtc2024/10/18 04:51
By:Aayush Jindal

XRP price is holding gains above the $0.5450 zone. The price seems to be eyeing more gains above the $0.5550 and $0.5650 levels in the near term.

  • XRP price is consolidating above the $0.5400 zone.
  • The price is now trading above $0.5420 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $0.5465 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if it clears the $0.550 and $0.5550 resistance levels.

XRP Price Eyes Upside Break

XRP price remained stable above the $0.5320 support zone like Bitcoin and Ethereum . The bulls even tried to push the price above the $0.5550 resistance zone.

A high was formed at $0.5659 before there was a fresh decline. The price tested the $0.5400 zone. A low was formed at $0.5398 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the downward move from the $0.5659 swing high to the $0.5398 low.

The price is now trading above $0.540 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5465 level. There is also a connecting bearish trend line forming with resistance at $0.5465 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $0.5550 level or the 61.8% Fib retracement level of the downward move from the $0.5659 swing high to the $0.5398 low. The next key resistance could be $0.5650.

Source: XRPUSD on TradingView.com

A clear move above the $0.5650 resistance might send the price toward the $0.5800 resistance. Any more gains might send the price toward the $0.5880 resistance or even $0.5925 in the near term. The next major hurdle might be $0.6000.

Another Drop?

If XRP fails to clear the $0.550 resistance zone, it could start another decline. Initial support on the downside is near the $0.540 level. The next major support is near the $0.5345 level.

If there is a downside break and a close below the $0.5345 level, the price might continue to decline toward the $0.5280 support in the near term. The next major support sits near the $0.5220 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 – $0.5400 and $0.5345.

Major Resistance Levels – $0.5500 and $0.5550.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Trump and Wall Street: How long will the love affair last?

Share link:In this post: Wall Street loved Trump’s win at first—stocks jumped, Bitcoin soared, and borrowing costs hit rock bottom, but some sectors started cracking fast. Tax cuts and deregulation made financial and energy stocks shoot up, but tariffs and plans to deport workers freaked out economists and markets. Tariffs mean higher prices for Americans, and even Walmart’s warning it’ll have to raise prices if Trump pushes through with his trade war.

Cryptopolitan2024/11/24 03:44