Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

XRP Price Ready to Rally? Signs Point to a Bullish Move

Source Newsbtc

XRP price is gaining pace above the $0.5350 support zone. The price is rising and might even aim for a move above the $0.5650 resistance.

XRP price is gaining pace above the $0.5350 zone.
The price is now trading above $0.5400 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $0.5450 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it settles above the $0.5550 resistance zone.

XRP Price Gains Strength

XRP price remained supported above the $0.5050 level. It formed a base and started a fresh increase above $0.5150 like Bitcoin and Ethereum. There was a move above the $0.5320 and $0.5350 resistance levels.

The bulls even pushed the price above the $0.5500 barrier. A high is formed at $0.5580 and the price is now eyeing more gains. It is stable above the 23.6% Fib retracement level of the upward move from the $0.5267 swing low to the $0.5580 high.

The price is now trading above $0.5400 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.5450 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $0.5580 level. The first major resistance is near the $0.5650 level. The next key resistance could be $0.5720. A clear move above the $0.5720 resistance might send the price toward the $0.5800 resistance.

Any more gains might send the price toward the $0.5880 resistance or even $0.5920 in the near term. The next major hurdle might be $0.6000.

Are Dips Supported?

If XRP fails to clear the $0.5580 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.5500 level. The next major support is near the $0.5450 level and the trend line.

If there is a downside break and a close below the $0.5450 level, the price might continue to decline toward the $0.5350 support in the near term. The next major support sits near the $0.5220 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 – $0.5450 and $0.5350.

Major Resistance Levels – $0.5580 and $0.5650.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

EURUSD Long-term Forecast: Can ECB Hawks Overcome the Dollar Bullishness? As one of the most traded currency pair in the forex markets, the price of EURUSD affects many traders. Check out our EURUSD long-term forecast for more information.

Author Mitrade

Mar 13, 2023

As one of the most traded currency pair in the forex markets, the price of EURUSD affects many traders. Check out our EURUSD long-term forecast for more information.

Copper Long-term forecast: Will Copper Price Expected To Soar In 2023?The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.

Author Mitrade

Mar 13, 2023

The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.

Natural Gas sinks to pivotal level as China’s demand slumps Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It

Author FXStreet

Jul 01, Mon

Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It

Palantir Blasted to a New All-Time High Today. Is the Stock Still a Buy?After a week or so when investors were more focused on the stock's lofty valuation and concerns about the momentum of artificial intelligence (AI) adoption, Palantir Technologies (NYSE: PLTR) delivered a third-quarter report on Tuesday morning that helped the stock shake off its brief malaise and sent it sharply higher.

Author The Motley Fool

23 hours ago

After a week or so when investors were more focused on the stock's lofty valuation and concerns about the momentum of artificial intelligence (AI) adoption, Palantir Technologies (NYSE: PLTR) delivered a third-quarter report on Tuesday morning that helped the stock shake off its brief malaise and sent it sharply higher.

Warren Buffett Is Giving 2 Massive Warnings to Investors. Should You Be Worried?In Berkshire Hathaway's (NYSE: BRK.A)(NYSE: BRK.B) third-quarter earnings report, there weren't any massive surprises about the company's businesses themselves. Insurance underwriting profits declined significantly, but with a particularly bad hurricane season, this wasn't too alarming.

Author The Motley Fool

18 hours ago

In Berkshire Hathaway's (NYSE: BRK.A)(NYSE: BRK.B) third-quarter earnings report, there weren't any massive surprises about the company's businesses themselves. Insurance underwriting profits declined significantly, but with a particularly bad hurricane season, this wasn't too alarming.

Popular Symbols