- XRP price is attempting a fresh increase from the $0.5650 support against the US dollar.
The price is now trading above $0.60 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $0.60 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair could continue to rise if it clears the $0.6250 resistance.
The price of XRP is holding steady above 60 cents versus the U.S. dollar, similar to Bitcoin‘s trend. In order for XRP to advance further in the short term, it needs to maintain this support level at $0.600.
XRP Price Analysis
Following its establishment of a foundation beyond the $0.5650 mark, XRP‘s price against the US Dollar commenced an upward trend. The XRP-USD pair surmounted the obstacles at $0.580 and $0.600, respectively, propelling it into a favorable position.
On the XRP/USD 4-hour chart, the trendline that acted as strong resistance at $0.60 for the bearish trend was broken. The pair not only surpassed this level but also crossed above the 50% Fibonacci retracement mark of the downward price movement from $0.6625 peak to $0.5623 low.
The current price is currently hovering above $0.60 and the 4-hour Simple Moving Average (SMA) of $0.60. On the positive side, the price is encountering resistance around $0.6250. This level aligns with the 61.8% Fibonacci retracement mark of the decline from the previous high of $0.6625 to the low of $0.5623.
The initial significant resistance lies around $0.6380. Following that, a notable resistance can be found close to $0.650. Should the price successfully break through this barrier at $0.650, it could lead to substantial growth. In this scenario, the price may reach as high as $0.680 and even challenge the $0.700 mark. Any further advancements might push the price towards the resistance at $0.750.
The stock is currently showing initial resistance to drops around the $0.60 mark. If it continues to decline, the next significant support lies at approximately $0.58. Further falls could potentially push the price down to around $0.565, and if that level is breached, we may see the stock test the support area near $0.535 in the coming days.
Glancing at the graph, the XRP currency value presently hovers above the $0.600 mark and surpasses the 4-hour 55 moving average. In essence, there’s a strong possibility of a price surge beyond the $0.6250 resistance level.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Key Support Levels – $0.60, $0.580, and $0.5650.
Key Resistance Levels – $0.6250 and $0.6380.
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2024-04-09 07:51