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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Will XRP Price Hold 100 SMA and Trigger a Fresh Increase?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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XRP price extended its increase above the $0.5450 resistance. The price is now correcting gains and might remain strong above the 100-hourly SMA.

  • XRP extended its increase above the $0.5450 resistance zone.
  • The price is now trading above $0.5250 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $0.5330 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is correcting gains, but there could be a fresh increase unless there is a close below the 100-hourly SMA.

XRP Price Holds Ground

After a close above the $0.520 level, XRP price remained in a positive zone, like Bitcoin and Ethereum. It cleared the $0.5320 and $0.5450 resistance levels. There was also a spike above the $0.550 level.

A new weekly high was formed at $0.5571, and the price is now correcting gains. There was a move below the $0.5450 level. The price dipped below the 23.6% Fib retracement level of the upward wave from the $0.5065 swing low to the $0.5571 high.

It is now trading above $0.530 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.5330 on the hourly chart of the XRP/USD pair.

XRP Price
Source: XRPUSD on TradingView.com

Immediate resistance is near the $0.5380 level. The first key resistance is near $0.5450. A close above the $0.5450 resistance zone could send the price higher. The next key resistance is near $0.5570. If the bulls push the price above the $0.5570 resistance level, there could be a steady increase toward the $0.5650 resistance. Any more gains might send the price toward the $0.5720 resistance.

More Losses?

If XRP fails to clear the $0.5450 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5330 level and the trend line. It is close to the 50% Fib retracement level of the upward wave from the $0.5065 swing low to the $0.5571 high.

The next major support is at $0.5250. The main support is now near $0.5185. If there is a downside break and a close below the $0.5185 level, the price might accelerate lower. In the stated case, the price could drop and test the $0.5065 support in the near term.

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 below the 50 level.

Major Support Levels – $0.5330 and $0.5185.

Major Resistance Levels – $0.5450 and $0.5570.

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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.

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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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