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What is Bitcoin? => Дryptocurrency exchanges => Topic started by: Bitcoin on Oct 21, 2024, 03:48 pm

Title: As Bitcoin Climbs, Can XRP Price Catch The Wave?
Post by: Bitcoin on Oct 21, 2024, 03:48 pm
As Bitcoin Climbs, Can XRP Price Catch The Wave?

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.


XRP Price

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.


Source: As Bitcoin Climbs, Can XRP Price Catch The Wave? (https://www.newsbtc.com/analysis/xrp/xrp-price-catch-wave-0-5550/)