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Cryptocurrency News Articles
XRP Price Eyes Steady Increase as Bitcoin Rallies, But Struggles to Clear the $0.5550 Hurdle
Oct 21, 2024 at 12:08 pm
XRP price remained stable above the $0.5350 support zone. However, it failed to gain bullish momentum like Bitcoin and Ethereum.
XRP price remained bid on Monday as Bitcoin’s relentless rally showed signs of slowing down. XRP failed to gain any strong bullish momentum despite Bitcoin rising over $800 in the past 24 hours. XRP price showed a limited increase and remained largely stuck in a range.
XRP Price Analysis
XRP price remained stable above the $0.5350 support zone. However, it failed to gain any strong bullish momentum unlike Bitcoin and Ethereum. There was a minor increase in price 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 close to $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 could 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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