XRP Resumes Upward Movement
XRP price has once again surged above the key resistance level of $0.550, indicating a renewed bullish momentum in the market. The cryptocurrency is currently trading above $0.550 as well as the 100-hourly Simple Moving Average, suggesting further upside potential.
- A new connecting bullish trend line is forming with support at $0.5620 on the XRP/USD hourly chart sourced from Kraken.
- Potential for the pair to continue its upward trajectory with a close above the $0.600 resistance level.
XRP Price Regains Strength
After establishing a base above $0.525, XRP price has initiated a fresh uptrend. Breaking through the $0.5450 resistance level, the cryptocurrency has reentered a positive zone, mirroring the movements of other major cryptocurrencies like Ethereum and Bitcoin.
Following a move above $0.5650, the price reached a high of $0.5925 before consolidating its gains. Despite a minor retracement below the 23.6% Fib level, XRP is currently trading above $0.5550 and the 100-hourly SMA.
A bullish trend line is in formation with support at $0.5620 on the XRP/USD hourly chart.
Resistance levels to watch out for include $0.5950, $0.600, and $0.620, with potential further resistance at $0.6380, $0.650, and $0.6880.
Are Dips Supported?
In the event that XRP struggles to surpass the $0.600 resistance level, a downside correction may occur. Initial support is anticipated at $0.5620, followed by the trend line and the 50% Fib retracement level.
Further support lies at $0.550, with a potential drop to $0.5350 if the price breaks below the $0.550 level.
Technical Indicators
Key technical indicators for XRP/USD:
- Hourly MACD: The MACD is currently showing bullish momentum.
- Hourly RSI: RSI is above the 50 level, indicating a positive sentiment.
- Major Support Levels: $0.5620, $0.5500.
- Major Resistance Levels: $0.5950, $0.6000.
Hot Take: XRP Looks to Maintain Bullish Momentum 🚀
XRP price has surged above key resistance levels, indicating a strong bullish trend. With key support levels in place, the cryptocurrency aims to maintain its positive momentum. Keep an eye on potential resistance levels as XRP continues its upward trajectory in the market.
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