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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

XRP Price Sets Sights on Larger Gains: Can Bulls Push Higher?

Aayush Jindal
Aayush Jindal
Last Updated: November 12, 2024 4:08 am
2 mins read
XRP Price Sets Sights on Larger Gains

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XRP price is slowly moving higher above the $0.5880 support zone. The price tested the $0.6330 zone and is currently correcting gains.

  • XRP price is struggling to gain pace like Bitcoin.
  • The price is now trading above $0.5980 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $0.5940 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could start another increase if it stays above the $0.5700 support zone.

XRP Price Holds Support

XRP price remained supported above the $0.5550 level. It formed a base and started a fresh increase above $0.5800, but gains were limited compared to Bitcoin and Ethereum. There was a move above the $0.6150 and $0.62200 resistance levels.

The bulls even pushed the price above the $0.6300 level before the bears appeared. A high was formed at $0.6336 before there was a pullback. The price dipped below $0.6220 and tested $0.6150. It tested the 50% Fib retracement level of the upward move from the $0.5709 swing low to the $0.6336 high.

The price is now trading above $0.5980 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.5940 on the hourly chart of the XRP/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $0.5709 swing low to the $0.6336 high.

On the upside, the price might face resistance near the $0.6150 level. The first major resistance is near the $0.6220 level. The next key resistance could be $0.6350. A clear move above the $0.6350 resistance might send the price toward the $0.6465 resistance.

XRP Price
Source: XRPUSD on TradingView.com

Any more gains might send the price toward the $0.6550 resistance or even $0.6720 in the near term. The next major hurdle might be $0.6880.

Another Drop?

If XRP fails to clear the $0.6150 resistance zone, it could start another decline. Initial support on the downside is near the $0.5980 level. The next major support is near the $0.5940 level and the trend line.

If there is a downside break and a close below the $0.5940 level, the price might continue to decline toward the $0.5700 support in the near term. The next major support sits near the $0.5550 zone.

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 – $0.5980 and $0.5940.

Major Resistance Levels – $0.6150 and $0.6350.

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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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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

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