XRP Price Hints at Breakout: Can It Achieve New Heights?
28 Julio 2024 - 11:38PM
NEWSBTC
XRP price is attempting a fresh increase above the $0.600 zone. The
price could gain bullish momentum if it clears the $0.6200
resistance level. XRP price is showing positive signs from the
$0.600 support zone. The price is now trading above $0.6050 and the
100-hourly Simple Moving Average. There was a break above a key
contracting triangle with resistance at $0.6050 on the hourly chart
of the XRP/USD pair (data source from Kraken). The pair could gain
bullish momentum if it stays above the $0.5940 support zone. XRP
Price Eyes Could Gather Pace Toward $0.650 XRP price remained
stable above the $0.5920 support zone. A base was formed, and the
price recently started an upward move above $0.600. There was a
clear move above the $0.6020 resistance zone, but it lagged
momentum like Bitcoin and Ethereum. There was a break above a key
contracting triangle with resistance at $0.6050 on the hourly chart
of the XRP/USD pair. The pair is now testing the 50% Fib
retracement level of the downward move from the $0.6321 swing high
to the $0.5827 low. It is now trading above $0.6050 and the
100-hourly Simple Moving Average. If there are more upsides, the
price could face resistance near the $0.6135 level. The first major
resistance is near the $0.6200 level or the 76.4% Fib retracement
level of the downward move from the $0.6321 swing high to the
$0.5827 low. The next key resistance could be $0.6320. A clear move
above the $0.6320 resistance might send the price toward the
$0.6465 resistance. The next major resistance is near the $0.6500
level. Any more gains might send the price toward the $0.6750
resistance. Another Pullback? If XRP fails to clear the $0.6200
resistance zone, it could start another decline. Initial support on
the downside is near the $0.600 level. The next major support is at
$0.5940 and the triangle’s trend line zone. If there is a downside
break and a close below the $0.5940 level, the price might continue
to decline toward the $0.5820 support in the near term. The next
major support sits at $0.5750. Technical Indicators Hourly MACD –
The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now
near the 50 level. Major Support Levels – $0.6000 and $0.5940.
Major Resistance Levels – $0.6075 and $0.6200.
Ripple (COIN:XRPUSD)
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