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14/10/24
100
XRP Shows Bullish Potential Above $0.5250 Support as Momentum Builds
XRP is showing signs of upward movement after stabilizing above the $0.5250 support level. As the price attempts to build momentum, crossing above the $0.5450 and $0.5500 resistance levels might signal a stronger bullish trend. Currently, XRP is trading above the $0.5320 support, having recently moved past the $0.5350 level. The digital asset has also surpassed the 100-hourly Simple Moving Average, indicating a potential bullish shift.
The price has formed a solid base above $0.5240, which has propelled it upward, aligning its movements with major cryptocurrencies like Bitcoin and Ethereum. Notably, XRP has broken through a significant bearish trend line with resistance at $0.5310, which adds to bullish indications. Moreover, the asset has advanced beyond the 61.8% Fibonacci retracement level, reinforcing the possibility of further gains.
Looking ahead, resistance levels are identified at $0.5390, which is near the 76.4% Fibonacci retracement level. The primary resistance is seen at $0.5400, followed by the pivotal $0.5450 level. A successful breakout beyond this resistance could drive XRP towards the $0.5500 level, with further gains expected to test the $0.5680 and potentially $0.5750 levels. The $0.600 barrier may prove critical as bears could re-emerge.
However, if XRP struggles to overcome the $0.540 resistance zone, a downward trend might ensue. Immediate support is positioned around $0.5340 and the 100-hourly Simple Moving Average, with further support anticipated near the $0.5280 level. A dip below $0.5280 could lead the price to retest the $0.5250 support level, with additional support available around the $0.5120 area.
Technical indicators also suggest a positive outlook, as the MACD is gaining traction within the bullish zone, and the Relative Strength Index is maintaining levels above 50, signaling potential upward movement for XRP.
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