Categories: Bitcoin Latest News

XRP Price Stands Firm Amid Bitcoin’s Dip: A Sign of Strength?

XRP price is holding the $0.5020 support zone. The price is beating Bitcoin and might aim for a move above the $0.5250 resistance.

XRP price is eyeing more gains above the $0.5250 zone.
The price is now trading below $0.5200 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $0.5185 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it settles above the $0.5200 resistance zone.

XRP Price Eyes Upside Break

XRP price extended losses below the $0.5120 support zone. The price even declined below $0.5050 before the bulls emerged, but losses were limited compared to Bitcoin and Ethereum.

A low was formed at $0.5025 and the price started a fresh increase. There was a move above the $0.5050 and $0.5120 resistance levels. It cleared the 50% Fib retracement level of the downward move from the $0.5307 swing high to the $0.5025 low.

Besides, there was a break above a key bearish trend line with resistance at $0.5185 on the hourly chart of the XRP/USD pair. The price is now trading below $0.5200 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $0.5200 level or the 61.8% Fib retracement level of the downward move from the $0.5307 swing high to the $0.5025 low. The first major resistance is near the $0.5240 level.

The next key resistance could be $0.5300. A clear move above the $0.5300 resistance might send the price toward the $0.5350 resistance. Any more gains might send the price toward the $0.5500 resistance or even $0.5550 in the near term. The next major hurdle might be $0.5850.

Another Decline?

If XRP fails to clear the $0.5200 resistance zone, it could start another decline. Initial support on the downside is near the $0.5120 level. The next major support is near the $0.5085 level.

If there is a downside break and a close below the $0.5085 level, the price might continue to decline toward the $0.5020 support in the near term. The next major support sits near the $0.4880 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5150 and $0.5085.

Major Resistance Levels – $0.5200 and $0.5240.

[#item_full_content]NewsBTCRead More

Recent Posts

Bitcoin Price Drop Leads to $250M Bullish Liquidations; Crypto Sentiment Indicator Signals Top

A tracker for market sentiment reached “extreme greed” levels on Thursday, which has historically preceded…

27 mins ago

BlackRock’s Bitcoin ETF Reaches 2% Of Total BTC Supply Amid Record Inflows

On Wednesday, BlackRock, the world’s largest asset manager, achieved a significant milestone in the Bitcoin…

1 hour ago

Bitcoin Set To Gain If Trump Wins, JPMorgan Cites ‘Debasement Trade’ As Key Factor

According to JPMorgan analysts, a win for the Republican US presidential candidate Donald Trump could…

3 hours ago

Bitcoin Price Takes a Sharp Dip: Is This Just a Correction?

Bitcoin price is correcting gains from the $73,500 zone. BTC is back below the $70,000…

4 hours ago

‘OG’ Bitcoin Supporter Says Crypto Will Surpass Gold And Oil – Details

An OG Bitcoin advocate made a bold forecast that demand for Bitcoin will increase rapidly…

5 hours ago

Analyst Claims Ethereum ‘Is Not Dying,’ Bitcoin Surge No Threat To Ether

This week has witnessed remarkable growth in the global cryptocurrency market, spearheaded by Bitcoin. Today,…

10 hours ago