As Bitcoin Climbs, Can XRP Price Catch The Wave?
October 20 2024 - 11:08PM
NEWSBTC
XRP price is holding gains above the $0.5350 zone. The price is
still struggling to clear the $0.5550 hurdle despite a steady rise
in Bitcoin. XRP price is consolidating above the $0.5380 zone. The
price is now trading near $0.5420 and the 100-hourly Simple Moving
Average. There was a break above a connecting bearish trend line
with resistance at $0.5420 on the hourly chart of the XRP/USD pair
(data source from Kraken). The pair could gain bullish momentum if
it clears the $0.5450 and $0.5550 resistance levels. XRP Price Eyes
Steady Increase XRP price remained stable above the $0.5350 support
zone. However, it failed to gain bullish momentum like Bitcoin and
Ethereum. There was a minor upward move from the $0.5380 swing low.
The price climbed above the $0.5420 resistance. There was a move
above the 23.6% Fib retracement level of the downward move from the
$0.5656 swing high to the $0.5380 low. There was a break above a
connecting bearish trend line with resistance at $0.5420 on the
hourly chart of the XRP/USD pair. The price is now trading near
$0.540 and the 100-hourly Simple Moving Average. On the upside, the
price might face resistance near the $0.550 level or the 50% Fib
retracement level of the downward move from the $0.5656 swing high
to the $0.5380 low. The first major resistance is near the $0.5550
level. The next key resistance could be $0.5650. A clear move above
the $0.5650 resistance might send the price toward the $0.5800
resistance. Any more gains might send the price toward the $0.5880
resistance or even $0.5925 in the near term. The next major hurdle
might be $0.6000. Another Drop? If XRP fails to clear the $0.5550
resistance zone, it could start another decline. Initial support on
the downside is near the $0.540 level. The next major support is
near the $0.5380 level. If there is a downside break and a close
below the $0.5380 level, the price might continue to decline toward
the $0.5320 support in the near term. The next major support sits
near the $0.5250 zone. Technical Indicators Hourly MACD – The MACD
for XRP/USD is now losing pace in the bullish zone. Hourly RSI
(Relative Strength Index) – The RSI for XRP/USD is now above the 50
level. Major Support Levels – $0.5400 and $0.5380. Major Resistance
Levels – $0.5500 and $0.5550.
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