XRP Price Analysis: Is a Bullish Breakout on the Horizon?
XRP Price Analysis: Battling for Bullish Momentum
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The XRP price is currently locked in a battle, wavering around the crucial support level of $0.5785. A decisive move above the $0.5920 and $0.600 resistance levels is needed to ignite a fresh rally in the near term. While the price remains below the $0.600 resistance zone, it’s currently trading below the $0.590 mark and the 100-hourly Simple Moving Average. A major bearish trend line with resistance at $0.5850 is also forming on the hourly chart of the XRP/USD pair (data source from Kraken).
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XRP’s recent price action saw a struggle to maintain its position above $0.6050, leading to a downside correction mirroring Bitcoin and Ethereum’s movements. The price dipped below the $0.600 and $0.590 support levels. However, the bulls showed resilience near $0.5785, propelling the price back towards $0.5950. Currently, it’s retracing lower, trading below the $0.5920 level.
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The price has broken below the 50% Fib retracement level of the upward move from the $0.5784 swing low to the $0.5956 high. While trading below $0.590 and the 100-hourly Simple Moving Average, it’s finding support near the 76.4% Fib retracement level of the same upward move, at $0.5825.
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On the upside, resistance is anticipated near the $0.5850 level. This aligns with the major bearish trend line mentioned earlier. The first significant resistance level is near $0.5920, followed by the key resistance at $0.600. A decisive break above $0.600 could propel the price towards the $0.6120 resistance. Further gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term.
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Potential for Downside Correction?
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If XRP fails to conquer the $0.5920 resistance zone, it could trigger another downward correction. Initial support on the downside is near the $0.5825 level. The next major support lies near $0.5780. A breakdown and close below $0.5780 could lead to further declines toward the $0.5650 support level in the near term. The next major support level is positioned at $0.5550.
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Technical Indicators
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Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bearish zone.
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Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
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Key Support and Resistance Levels
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Major Support Levels: $0.5825 and $0.5780
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Major Resistance Levels: $0.5920 and $0.6000