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17/09/24
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XRP Bullish Momentum: Key Support at $0.5750 and Potential for $0.60 Breakout
The price of XRP has shown promising signs of recovery after finding support around the $0.5600 level. Currently, it is trading above $0.5750, solidifying this price point as a key area of support. Recent movements indicate a potential upward trajectory, with the cryptocurrency aiming to break through the critical $0.60 resistance zone.
After experiencing a decline from the $0.5985 level alongside Bitcoin and Ethereum, XRP dipped below the $0.5750 support level. However, bulls stepped in around the $0.560 zone, leading to a rebound. The lowest point reached was $0.5597, from which XRP embarked on a new upward movement, surpassing resistance levels of $0.570 and $0.5720 along the way. This upward momentum also saw XRP breach the 50% Fibonacci retracement level of the downward movement, indicating a potential trend reversal.
From a technical perspective, XRP has successfully moved past a notable bearish trend line at the $0.5750 level on its hourly chart. The current price resides above both $0.5750 and the 100-hourly Simple Moving Average, suggesting a strengthening bullish trend. An immediate resistance level to watch is near $0.5890, aligned with the 76.4% Fibonacci retracement level of the earlier decline. A successful move above $0.590 could propel XRP toward the next key resistance at $0.600, with further potential to reach $0.6120 or $0.6250.
Conversely, if XRP struggles to surpass the $0.590 resistance, it risks initiating another decline. Initial support is anticipated near $0.5765, followed closely by the significant $0.5750 level. Should the price close below $0.5750, there could be a further drop toward the $0.560 support, with the next major level below that sitting at $0.5420.
On the technical indicators, the hourly MACD is demonstrating bullish momentum, while the RSI indicates strength above the neutral 50 level. These signals suggest that XRP may continue its upward momentum, provided it can breach the anticipated resistances.
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