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

2024-11-12 07:08

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.

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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