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XRP Price Momentum Reignites As Bitcoin Hits New ATH: Is a Major Rally in Sight?

November 6, 2024
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XRP worth is gaining tempo above the $0.5050 assist zone. The value is rising and may even goal for a transfer above the $0.5500 resistance.

XRP worth is eyeing a good enhance above the $0.5250 zone.
The value is now buying and selling above $0.5220 and the 100-hourly Easy Shifting Common.
There was a break above a connecting bearish pattern line with resistance at $0.5100 on the hourly chart of the XRP/USD pair (knowledge supply from Kraken).
The pair might achieve bullish momentum if it settles above the $0.5350 resistance zone.

XRP Value Climbs 4%

XRP worth remained supported above the $0.4880 stage. It fashioned a base and began a recent enhance above $0.5050 like Bitcoin and Ethereum.

There was a transfer above the $0.5120 and $0.5200 resistance ranges. There was a break above a connecting bearish pattern line with resistance at $0.5100 on the hourly chart of the XRP/USD pair. Lastly, it examined the $0.5365 zone. A excessive is fashioned at $0.5368 and the worth is now consolidating features above the 23.6% Fib retracement stage of the upward transfer from the $0.4948 swing low to the $0.5368 excessive.

The value is now buying and selling above $0.5200 and the 100-hourly Easy Shifting Common. On the upside, the worth may face resistance close to the $0.5350 stage. The primary main resistance is close to the $0.5365 stage.

The following key resistance may very well be $0.5450. A transparent transfer above the $0.5450 resistance may ship the worth towards the $0.5500 resistance. Any extra features may ship the worth towards the $0.5665 resistance and even $0.5720 within the close to time period. The following main hurdle may be $0.5840.

One other Decline?

If XRP fails to clear the $0.5350 resistance zone, it might begin one other decline. Preliminary assist on the draw back is close to the $0.5250 stage. The following main assist is close to the $0.5155 stage or the 50% Fib retracement stage of the upward transfer from the $0.4948 swing low to the $0.5368 excessive.

If there’s a draw back break and a detailed beneath the $0.5155 stage, the worth may proceed to say no towards the $0.5050 assist within the close to time period. The following main assist sits close to the $0.500 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining tempo within the bullish zone.

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

Main Assist Ranges – $0.5250 and $0.5155.

Main Resistance Ranges – $0.5350 and $0.5500.



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Tags: ATHBitcoinHitsMajorMomentumPricerallyReignitesSightXRP
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