NewsBTC
5 November 2024
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XRP Price Holds $0.500 Support as It Aims for Upside Break

XRP price is maintaining support around $0.500, consolidating for potential gains while Bitcoin experiences a decrease.

  • XRP is targeting an increase above the $0.5100 zone.
  • Current trading is below $0.5095 and the 100-hourly Simple Moving Average.
  • A bearish trend line is forming with resistance at $0.5090 on the hourly chart for the XRP/USD pair (data source from Kraken).
  • Potential bullish momentum could occur if the price settles above $0.5135.

XRP Price Eyes Upside Break

XRP extended losses beneath the $0.5000 support zone, dropping below $0.4980 before a rebound occurred. The decline was less severe than that of Bitcoin and Ethereum.

A low of $0.4948 was established, followed by an increase above $0.4985 and $0.500. The price surpassed the 50% Fib retracement level from the recent decline between the $0.5137 high and the $0.4948 low.

Currently, XRP trades below $0.5100 and the 100-hourly Simple Moving Average. Resistance may be encountered near $0.5065 or at the 61.8% Fib retracement level of the recent decline. The first major resistance level is around $0.5090.

XRP Price

The next significant resistance could be at $0.5135, with a clear move above this level potentially leading to $0.5200. Further gains might push the price toward $0.5250 or $0.5265. The next major hurdle may be at $0.5350.

Another Decline?

If XRP does not breach the $0.5090 resistance zone, it may initiate another decline. Initial support is around $0.500, followed by significant support near $0.4950.

A close below the $0.4950 level could lead to a decline toward the $0.4880 support, with further major support at approximately $0.4740.

Technical Indicators:

  • Hourly MACD: Gaining pace in the bullish zone.
  • Hourly RSI: Near the 50 level.
  • Major Support Levels: $0.5000 and $0.4950.
  • Major Resistance Levels: $0.5090 and $0.5135.