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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6
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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6

XRP Price Breaks Out and Surges: Will the Momentum Last?

Aayush Jindal
Aayush Jindal
Last Updated: September 13, 2024 4:18 am
2 mins read
XRP Price Breaks Out and Surges

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XRP price rallied above the $0.5550 and $0.560 levels. It is now consolidating gains above $0.550 and might aim for more gains in the near term.

  • XRP price gained pace for a move above the $0.550 resistance zone.
  • The price is now trading above $0.550 and the 100-hourly Simple Moving Average.
  • There is a new connecting bullish trend line forming with support at $0.550 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could regain traction if it stays above the $0.550 pivot level.

XRP Price Gains Momentum

XRP price remained well-supported above the $0.5320 level like Bitcoin and Ethereum. The price started a fresh increase and was able to clear the key hurdle at $0.5420.

There was a surge above the $0.5550 and $0.5650 levels. The price even tested the $0.5870 zone. A high was formed at $0.5869 and the price started a sharp pullback. There was a move below the $0.5720 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.5234 swing low to the $0.5869 high.

The price is now trading above $0.550 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $0.550 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.5234 swing low to the $0.5869 high.

On the upside, the price might face resistance near the $0.5660 level. The first major resistance is near the $0.5720 level. The next key resistance could be $0.5850. A clear move above the $0.5850 resistance might send the price toward the $0.5920 resistance.

XRP Price
Source: XRPUSD on TradingView.com

The next major resistance is near the $0.600 level. Any more gains might send the price toward the $0.6050 resistance or even $0.6120 in the near term.

More Downsides?

If XRP fails to clear the $0.5660 resistance zone, it could start another decline. Initial support on the downside is near the $0.5550 level. The next major support is $0.5500.

If there is a downside break and a close below the $0.5500 level, the price might continue to decline toward the $0.5380 support in the near term. The next major support sits at $0.5250.

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 – $0.5550 and $0.5500.

Major Resistance Levels – $0.5660 and $0.5720.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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