XRP Price Fights to Build Momentum While Bitcoin and ETH Surge
October 29 2024 - 12:28AM
NEWSBTC
XRP price is attempting a fresh increase above the $0.5050 zone.
The price must clear the $0.5250 and $0.5320 resistance levels to
continue higher. XRP price is correcting losses from the $0.4880
zone. The price is now trading above $0.5200 and the 100-hourly
Simple Moving Average. There is a connecting bullish trend line
forming with support at $0.5150 on the hourly chart of the XRP/USD
pair (data source from Kraken). The pair could gain bullish
momentum if it clears the $0.5250 resistance zone. XRP Price
Struggles To Match Bitcoin’s Surge XRP price started a recovery
wave from the $0.4880 zone. It is back above $0.5050 but struggles
to match Bitcoin and Ethereum momentum. The bulls were able to push
the price above the $0.5150 resistance. The price surpassed the 50%
Fib retracement level of the downward wave from the $0.5333 swing
high to the $0.4867 low. There is also a connecting bullish trend
line forming with support at $0.5150 on the hourly chart of the
XRP/USD pair. The price is now trading above $0.5200 and the
100-hourly Simple Moving Average. It is consolidating near the
76.4% Fib retracement level of the downward wave from the $0.5333
swing high to the $0.4867 low. On the upside, the price might face
resistance near the $0.5250 level. The first major resistance is
near the $0.5335 level. The next key resistance could be $0.5350. A
clear move above the $0.5350 resistance might send the price toward
the $0.5500 resistance. Any more gains might send the price toward
the $0.5650 resistance or even $0.5850 in the near term. The next
major hurdle might be $0.6000. Another Drop? If XRP fails to clear
the $0.5250 resistance zone, it could start another decline.
Initial support on the downside is near the $0.5150 level. The next
major support is near the $0.5085 level. If there is a downside
break and a close below the $0.5085 level, the price might continue
to decline toward the $0.5000 support in the near term. The next
major support sits near the $0.4880 zone. 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 – $0.5150
and $0.5000. Major Resistance Levels – $0.5250 and $0.5320.
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