As Bitcoin Climbs, Can XRP Price Catch The Wave?

2024-10-21 07:08

XRP price is holding gains above the $0.5350 zone. The price is still struggling to clear the $0.5550 hurdle despite a steady rise in Bitcoin.

XRP price is consolidating above the $0.5380 zone. The price is now trading near $0.5420 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line with resistance at $0.5420 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $0.5450 and $0.5550 resistance levels. XRP Price Eyes Steady Increase

XRP price remained stable above the $0.5350 support zone. However, it failed to gain bullish momentum like Bitcoin and Ethereum. There was a minor upward move from the $0.5380 swing low.

The price climbed above the $0.5420 resistance. There was a move above the 23.6% Fib retracement level of the downward move from the $0.5656 swing high to the $0.5380 low. There was a break above a connecting bearish trend line with resistance at $0.5420 on the hourly chart of the XRP/USD pair.

The price is now trading near $0.540 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.550 level or the 50% Fib retracement level of the downward move from the $0.5656 swing high to the $0.5380 low.

The first major resistance is near the $0.5550 level. The next key resistance could be $0.5650. A clear move above the $0.5650 resistance might send the price toward the $0.5800 resistance. Any more gains might send the price toward the $0.5880 resistance or even $0.5925 in the near term. The next major hurdle might be $0.6000.

Another Drop?

If XRP fails to clear the $0.5550 resistance zone, it could start another decline. Initial support on the downside is near the $0.540 level. The next major support is near the $0.5380 level.

If there is a downside break and a close below the $0.5380 level, the price might continue to decline toward the $0.5320 support in the near term. The next major support sits near the $0.5250 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 – $0.5400 and $0.5380.

Major Resistance Levels – $0.5500 and $0.5550.

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