XRP Price Update: Will the Uptrend Continue?
XRP price recently experienced a downward correction from the $0.6330 region, currently hovering around $0.600 along with the 100-hourly Simple Moving Average. A bullish trend line is taking shape with support at $0.5920 on the XRP/USD pair’s hourly chart sourced from Kraken. The future movement will depend on whether the price holds above the crucial $0.590 support zone.
Uptrend Support Holds for XRP Price
The XRP price surged above the $0.6150 barrier and surpassed $0.6220 before encountering resistance at $0.6330. However, the market turned bearish due to Bitcoin and Ethereum’s influence, causing the price to fall below $0.6150 and $0.6120. The decline breached the 50% Fibonacci retracement level from the $0.5802 low to $0.6330 high, bringing the price close to $0.600 and the 100-hourly Simple Moving Average. Additionally, a bullish trend line is forming with support at $0.5920 on the XRP/USD hourly chart near the 76.4% Fibonacci retracement level, indicating a potential uptrend continuation.
Possible Scenarios for XRP Price
- If the price attempts a fresh upward movement, it could encounter resistance around $0.6120 followed by major hurdles at $0.6200 and $0.6220. A breakout above $0.6220 might propel the price towards $0.6350, with further resistance at $0.6500 and potentially $0.680.
Concerns for XRP Price
- If XRP fails to breach the $0.6120 resistance, a continuation of the downtrend is likely. Initial support is anticipated near $0.5950, with significant backing at $0.5920 and the trend line support area. A downside break below $0.5920 could lead to further decline towards $0.580.
Technical Indicators for XRP
The hourly Moving Average Convergence Divergence (MACD) for XRP/USD shows bearish momentum, while the Relative Strength Index (RSI) is currently below the 50 level, indicating a potential bearish trend. Key support levels include $0.5920 and $0.5800, with resistance levels at $0.6120 and $0.6220.
Hot Take: Stay Informed as XRP Price Moves Forward
As XRP price navigates through key support and resistance levels, it’s essential to monitor the market closely to gauge future price actions and make informed decisions. Stay updated on the latest developments to adapt your trading strategy effectively.
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