- XRP price is attempting a fresh increase from the $0.4750 support against the US dollar.
The price is now trading above $0.500 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance at $0.5050 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair could continue to rise if it clears the $0.5350 resistance.
As a researcher with experience in analyzing cryptocurrency markets, I believe that XRP is showing signs of potential price increase. The current price consolidation above the $0.5150 level and the 55 simple moving average (4 hours) is an encouraging sign. However, it’s important to note that the price is facing resistance near $0.5350 and must clear this hurdle to continue its upward trend.
The price of XRP remains stable above the $0.5150 mark versus the US Dollar, similarly to Bitcoin. For further growth, it is crucial that XRP does not drop below the $0.5050 support level in the upcoming period.
XRP Price Analysis
As an analyst, I’ve observed that XRP formed a solid foundation above the $0.4750 mark. Subsequently, XRP price surged, causing the XRP/USD pair to breach past the resistance levels of $0.4850 and $0.500. Consequently, we find ourselves in a positive territory for this pair.
On the XRP/USD 4-hour chart, the trendline providing support at $0.5050, which previously acted as resistance, was breached. Additionally, the pair surpassed the 50% Fibonacci retracement level of the decline from the peak at $0.5705 to the trough at $0.4787.
The current price is hovering above $0.5150 and the 4-hour simple moving average, while encountering resistance around $0.5350. This level aligns with the 61.8% Fibonacci retracement mark of the decline from the previous peak at $0.5705 to the low of $0.4787.
In the given scenario, the initial significant barrier to further rise lies around the $0.5420 mark. Following this, a notable resistance exists close to the $0.550 level. Overcoming this resistance might trigger a robust uptrend, potentially pushing the price beyond the $0.570 threshold and even challenging the $0.600 level. Further growth could potentially propel the price towards the $0.620 resistance.
In simpler terms, the first line of defense for the price is around $0.5180. If that’s breached, the next significant support lies at $0.5050. Further declines could push the price towards $0.4850, and there’s a possibility it may even touch the $0.4780 support area in the short term.
Examining the graph, the XRP price currently hovers above the $0.5150 mark and lies above its 4-hour simple moving average. This positioning may pave the way for a potential surge past the $0.5350 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 – $0.5180, $0.5050, and $0.480.
Key Resistance Levels – $0.5350 and $0.5700.
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2024-05-06 07:02