NewsBTC
11 November 2024
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XRP Price Attempts to Surpass $0.600 Resistance Level

XRP price gained momentum, moving above the $0.5800 support zone and rallying towards $0.6150 resistance before correcting its gains.

  • XRP price is not rising as steadily as Bitcoin.
  • The price trades above $0.580 and the 100-hourly Simple Moving Average.
  • A key bullish trend line is forming with support at $0.5780 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may initiate a fresh increase if it remains above the $0.5720 support zone.

XRP Price Eyes More Gains

XRP price stayed supported above $0.5250, establishing a base and initiating an increase past $0.5550, although gains were limited compared to Bitcoin and Ethereum. The price moved above the $0.5850 and $0.6000 resistance levels.

Bulls pushed the price above $0.6050 before a pullback occurred, forming a high at $0.6162. A subsequent dip below $0.600 tested $0.5640, with the current attempt for a fresh increase underway.

The price surpassed the $0.580 resistance and exceeded the 50% Fib retracement level of the recent decline from $0.6162 to $0.5630.

Currently, the price trades above $0.580 and the 100-hourly Simple Moving Average. The bullish trend line at $0.5780 provides support. Resistance may be encountered near $0.5950 or the 61.8% Fib retracement level from the recent decline.

The first major resistance is around $0.6040, followed by $0.6150. A clear move above $0.6150 could drive the price toward $0.6220.

XRP Price

Further gains might lead the price to $0.6350 or even $0.6420 in the near term, with a significant hurdle at $0.6500.

Another Decline?

If XRP does not overcome the $0.600 resistance zone, it may experience another decline. Initial downside support is near $0.5820, followed by major support at $0.5780 and the trend line.

A break below $0.5780 could result in a decline toward $0.5650, with further major support located around $0.5500.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.

Major Support Levels – $0.5820 and $0.5780.

Major Resistance Levels – $0.6000 and $0.6150.