NewsBTC
6 November 2024
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XRP Price Gains Momentum Above $0.5050 Support Level

XRP price is gaining momentum above the $0.5050 support zone and may aim to surpass the $0.5500 resistance.

  • XRP price targets an increase above the $0.5250 area.
  • Price is trading above $0.5220 and the 100-hourly Simple Moving Average.
  • A break occurred above a bearish trend line with resistance at $0.5100 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if it settles above the $0.5350 resistance zone.

XRP Price Climbs 4%

XRP price remained supported above the $0.4880 level, forming a base before increasing above $0.5050, similar to Bitcoin and Ethereum.

Price moved above the $0.5120 and $0.5200 resistance levels and tested the $0.5365 zone, forming a high at $0.5368. Currently, the price consolidates gains above the 23.6% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5368 high.

Trading occurs above $0.5200 and the 100-hourly Simple Moving Average. Resistance may be encountered near $0.5350, with the first major resistance at approximately $0.5365.

XRP Price

Key resistance levels include $0.5450, with potential upward movement toward $0.5500. Further gains may lead to resistance at $0.5665 or $0.5720, with a major hurdle at $0.5840.

Another Decline?

If XRP does not clear the $0.5350 resistance, a decline may occur. Initial support is around $0.5250, with significant support at $0.5155 or the 50% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5368 high.

A downside break below $0.5155 could lead to further declines toward the $0.5050 support, with additional support near the $0.500 zone.

Technical Indicators:

  • Hourly MACD: Gaining pace in the bullish zone.
  • Hourly RSI: Above the 50 level.
  • Major Support Levels: $0.5250 and $0.5155.
  • Major Resistance Levels: $0.5350 and $0.5500.