XRP Price Gains Fade Once Again: Will Support Hold?
08 Novembre 2024 - 5:08AM
NEWSBTC
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. 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.
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