XRP price is holding the $0.500 support zone. The price is consolidating and aiming for a fresh increase while Bitcoin is trimming gains.
- XRP price is eyeing a decent increase above the $0.5100 zone.
- The price is now trading below $0.5095 and the 100-hourly Simple Moving Average.
- There is a new connecting bearish trend line forming with resistance at $0.5090 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it settles above the $0.5135 resistance zone.
XRP Price Eyes Upside Break
XRP price extended losses below the $0.5000 support zone. The price even declined below $0.4980 before the bulls emerged, but losses were limited compared to Bitcoin and Ethereum.
A low was formed at $0.4948 and the price started a fresh increase. There was a move above the $0.4985 and $0.500 resistance levels. It cleared the 50% Fib retracement level of the recent decline from the $0.5137 swing high to the $0.4948 low.
The price is now trading below $0.5100 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5065 level or the 61.8% Fib retracement level of the recent decline from the $0.5137 swing high to the $0.4948 low. The first major resistance is near the $0.5090 level.
The next key resistance could be $0.5135. A clear move above the $0.5135 resistance might send the price toward the $0.5200 resistance. Any more gains might send the price toward the $0.5250 resistance or even $0.5265 in the near term. The next major hurdle might be $0.5350.
Another Decline?
If XRP fails to clear the $0.5090 resistance zone, it could start another decline. Initial support on the downside is near the $0.500 level. The next major support is near the $0.4950 level.
If there is a downside break and a close below the $0.4950 level, the price might continue to decline toward the $0.4880 support in the near term. The next major support sits near the $0.4740 zone.
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 – $0.5000 and $0.4950.
Major Resistance Levels – $0.5090 and $0.5135.
Source link
Aayush Jindal
https://www.newsbtc.com/analysis/xrp/xrp-price-gears-up-0-50/
2024-11-05 04:18:21
