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Home»BITCOIN NEWS»XRP Price Momentum Reignites as Bitcoin Reaches New ATH: Do We See a Major Rally?
BITCOIN NEWS

XRP Price Momentum Reignites as Bitcoin Reaches New ATH: Do We See a Major Rally?

By Crypto FlexsNovember 6, 20242 Mins Read
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XRP Price Momentum Reignites as Bitcoin Reaches New ATH: Do We See a Major Rally?
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XRP price is pacing above the $0.5050 support area. The price is rising and may target a move above the $0.5500 resistance.

  • XRP price is aiming for a significant rise above $0.5250.
  • The price is currently trading above $0.5220 and the 100-hour simple moving average.
  • On the hourly chart of the XRP/USD pair (data source from Kraken), there was a breakout above the bearish trend line connecting with the resistance at $0.5100.
  • If it settles above the $0.5350 resistance zone, it could gain bullish momentum.

XRP price rises 4%

XRP price remained above the $0.4880 level. It formed a base and started a new rise above $0.5050, like Bitcoin and Ethereum.

There was movement above the $0.5120 and $0.5200 resistance levels. On the hourly chart of the XRP/USD pair, a breakout occurred above the connected bearish trendline with resistance at $0.5100. It last tested the $0.5365 area. A high was formed at $0.5368 and the price is currently consolidating gains above the 23.6% Fib retracement level rising from the $0.4948 swing low to the $0.5368 high.

The price is currently trading above $0.5200 and the 100-hour simple moving average. On the other hand, the price may face resistance near $0.5350. The first major resistance is near the $0.5365 level.

The next major resistance could be $0.5450. A clear break above the $0.5450 resistance may push the price towards the $0.5500 resistance. If more gains occur, the price may move up to the $0.5665 resistance or even $0.5720 in the near term. The next major hurdle could be $0.5840.

Another decline?

If XRP fails to clear the $0.5350 resistance area, another decline could begin. Initial support for the downside is near the $0.5250 level. The next major support is near the $0.5155 level or the 50% Fib retracement level of the rise from the $0.4948 swing low to the $0.5368 high.

If a downward breakout occurs and the price closes below the $0.5155 level, the price may continue to decline towards the $0.5050 support in the near term. The next major support is near the $0.500 area.

technical indicators

Hourly MACD – The MACD for XRP/USD is now picking up speed in bullish territory.

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

Key support levels – $0.5250 and $0.5155.

Key resistance levels – $0.5350 and $0.5500.

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