XRP Price Stalls in Range: Will a Breakout Come Soon?
September 12 2024 - 1:00AM
NEWSBTC
XRP price is holding gains above the $0.5250 level. The price is
now trading in a tight range and might soon attempt a move above
the $0.550 resistance. XRP price is eyeing a clear move above the
$0.5420 resistance zone. The price is now trading above $0.5330 and
the 100-hourly Simple Moving Average. There was a break above a
short-term bearish trend line with resistance at $0.5360 on the
hourly chart of the XRP/USD pair (data source from Kraken). The
pair could gain bullish momentum if it clears the $0.5420 and
$0.5450 resistance levels. XRP Price Eyes Upside Break XRP price
remained well-supported above the $0.5220 level like Bitcoin and
Ethereum. The price started a fresh increase within the range and
was able to clear the $0.5320 resistance level. The price climbed
above the 50% Fib retracement level of the downward move from the
$0.5426 swing high to the $0.5234 low. There was also a break above
a short-term bearish trend line with resistance at $0.5360 on the
hourly chart of the XRP/USD pair. The price is now trading above
$0.5330 and the 100-hourly Simple Moving Average. On the upside,
the price might face resistance near the $0.5380 level or the 76.4%
Fib retracement level of the downward move from the $0.5426 swing
high to the $0.5234 low. The first major resistance is near the
$0.5420 level. The next key resistance could be $0.5450. A clear
move above the $0.5450 resistance might send the price toward the
$0.5550 resistance. The next major resistance is near the $0.5640
level. Any more gains might send the price toward the $0.5800
resistance or even $0.5880 in the near term. Another Decline? If
XRP fails to clear the $0.5420 resistance zone, it could start
another decline. Initial support on the downside is near the
$0.5330 level and the 100 hourly SMA. The next major support is
$0.5280. If there is a downside break and a close below the $0.5280
level, the price might continue to decline toward the $0.5220
support in the near term. The next major support sits at $0.5150.
Technical Indicators Hourly MACD – The MACD for XRP/USD is now
gaining pace in the bullish zone. Hourly RSI (Relative Strength
Index) – The RSI for XRP/USD is now above the 50 level. Major
Support Levels – $0.5330 and $0.5280. Major Resistance Levels –
$0.5420 and $0.5450.
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024