XRP Price Breaks Out and Surges: Will the Momentum Last?
13 Setembro 2024 - 1:18AM
NEWSBTC
XRP price rallied above the $0.5550 and $0.560 levels. It is now
consolidating gains above $0.550 and might aim for more gains in
the near term. XRP price gained pace for a move above the $0.550
resistance zone. The price is now trading above $0.550 and the
100-hourly Simple Moving Average. There is a new connecting bullish
trend line forming with support at $0.550 on the hourly chart of
the XRP/USD pair (data source from Kraken). The pair could regain
traction if it stays above the $0.550 pivot level. XRP Price Gains
Momentum XRP price remained well-supported above the $0.5320 level
like Bitcoin and Ethereum. The price started a fresh increase and
was able to clear the key hurdle at $0.5420. There was a surge
above the $0.5550 and $0.5650 levels. The price even tested the
$0.5870 zone. A high was formed at $0.5869 and the price started a
sharp pullback. There was a move below the $0.5720 level. The price
dipped below the 23.6% Fib retracement level of the upward move
from the $0.5234 swing low to the $0.5869 high. The price is now
trading above $0.550 and the 100-hourly Simple Moving Average.
There is also a new connecting bullish trend line forming with
support at $0.550 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 $0.5234 swing low to the $0.5869 high. On the upside,
the price might face resistance near the $0.5660 level. The first
major resistance is near the $0.5720 level. The next key resistance
could be $0.5850. A clear move above the $0.5850 resistance might
send the price toward the $0.5920 resistance. The next major
resistance is near the $0.600 level. Any more gains might send the
price toward the $0.6050 resistance or even $0.6120 in the near
term. More Downsides? If XRP fails to clear the $0.5660 resistance
zone, it could start another decline. Initial support on the
downside is near the $0.5550 level. The next major support is
$0.5500. If there is a downside break and a close below the $0.5500
level, the price might continue to decline toward the $0.5380
support in the near term. The next major support sits at $0.5250.
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 above the 50 level. Major
Support Levels – $0.5550 and $0.5500. Major Resistance Levels –
$0.5660 and $0.5720.
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