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10/09/24
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XRP Seeks Breakout: Key Resistance Levels to Watch for Continued Growth
XRP has begun a recovery phase, currently trading above the $0.5320 level. For a more significant advance, the cryptocurrency needs to overcome key resistance points positioned at $0.5480 and $0.5500. The latest price action indicates a bullish sentiment, suggesting potential for further gains.
After forming a solid base around $0.5020, XRP’s price trajectory mirrors that of larger cryptocurrencies like Bitcoin and Ethereum. Following this support, XRP managed to surpass resistance levels at $0.5220 and $0.5250, marking a notable increase. The recent movement saw XRP break past the 50% Fibonacci retracement level, previously high at $0.5625 and dipping to $0.5020. Though the price rose above $0.540, it encountered resistance that halted further progress.
Currently, XRP is not only trading above the $0.5320 level but also above the 100-hour Simple Moving Average. A bullish trend line is forming, establishing support at $0.5325. The price may face challenges around the $0.5420 region, while the primary resistance lies near $0.5480, coinciding with significant Fibonacci retracement levels. Should XRP clear the $0.5550 resistance, it could aim for $0.5680, potentially even reaching $0.5880 or $0.600 if bullish sentiments prevail.
Conversely, if XRP fails to break through the $0.5420 resistance, it could trigger a downward trend. Initial support is observed at the $0.5320 level and the trend line, while further declines could lead to critical support around $0.5220. A breach below this level might escalate losses towards $0.5080, with additional support identified at $0.5020.
On the technical front, the hourly MACD for XRP/USD is showing signs of losing momentum in its bullish trend, whereas the RSI remains robust, positioned above the 50 level. Key support levels to monitor are $0.5320 and $0.5220, with resistance levels to watch being $0.5420 and $0.5500.
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