XRP Price Regains $0.60: Key Levels to Watch Moving Forward
July 18 2024 - 12:08AM
NEWSBTC
XRP price extended its increase above the $0.600 resistance zone.
The price is consolidating gains and might correct lower toward the
$0.5850 support. XRP price started another increase above the $0.60
resistance zone. The price is now trading above $0.5850 and the
100-hourly Simple Moving Average. There is a key bullish trend line
forming with support at $0.5820 on the hourly chart of the XRP/USD
pair (data source from Kraken). The pair could correct lower, but
the bulls might be active near the $0.5850 level. XRP Price Clears
The $0.60 Hurdle XRP price remained stable above the $0.550 level
and started a fresh increase. The price broke the $0.5850
resistance and extended gains, whereas Ethereum and Bitcoin
struggled to continue higher. The price even cleared the $0.60
resistance, as discussed in the previous analysis. It price traded
as high as $0.6374 and is currently correcting gains. There was a
minor decline below $0.620. The price declined below the 23.6% Fib
retracement level of the upward move from the $0.5330 swing low to
the $0.6374 high. The price is now trading above $0.600 and the
100-hourly Simple Moving Average. Besides, there is a key bullish
trend line forming with support at $0.5820 on the hourly chart of
the XRP/USD pair. The trend line is close to the 50% Fib
retracement level of the upward move from the $0.5330 swing low to
the $0.6374 high. On the upside, the price is facing resistance
near the $0.620 level. The first major resistance is near the
$0.6350 level. The next key resistance could be $0.6420. A clear
move above the $0.6420 resistance might send the price toward the
$0.650 resistance. The next major resistance is near the $0.6550
level. Any more gains might send the price toward the $0.680
resistance. Are Dips Limited? If XRP fails to clear the $0.620
resistance zone, it could start a downside correction. Initial
support on the downside is near the $0.600 level. The next major
support is at $0.5850 and the trend line. If there is a downside
break and a close below the $0.5850 level, the price might continue
to decline toward the $0.550 support in the near term. 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 below the 50 level. Major Support Levels –
$0.5850 and $0.5500. Major Resistance Levels – $0.620 and $0.6350.
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