TLDR

XRP price showing strong upward momentum, trading above $1.52 and 100-hourly SMA
Key breakout above bearish trend line at $1.4450 level
Price cleared 76.4% Fibonacci retracement level from previous swing
Major resistance levels ahead at $1.60 and $1.635
Strong support established at $1.48-$1.50 range

The digital asset XRP has demonstrated renewed strength in recent trading sessions, pushing past the $1.52 price level as bulls maintain control of the market momentum. The movement comes after a period of consolidation near the $1.40 support zone, where buyers showed persistent interest.

Trading data from major cryptocurrency exchange Kraken shows XRP breaking above several key technical levels, including the 100-hourly Simple Moving Average. This move indicates strengthening market sentiment and improved technical positioning for the digital asset.

The price action received a boost after breaking through a bearish trend line that had previously acted as resistance at the $1.4450 level. This technical breakthrough opened the path for further upside movement, allowing buyers to push the price toward higher resistance levels.

Market participants observed XRP clearing the psychologically important $1.50 mark with relative ease. The movement gained additional technical merit as the price surpassed the 61.8% Fibonacci retracement level, measured from the swing high of $1.6339 to the recent low of $1.2594.

Technical analysts note that the breakthrough extends beyond the 76.4% Fibonacci retracement level of the same price swing, suggesting strong buying pressure in the market. This development adds weight to the bullish case for XRP in the near term.

The hourly chart reveals improving technical indicators, with the MACD (Moving Average Convergence Divergence) showing positive momentum in the bullish zone. This technical signal often precedes continued upward price movement when combined with other supportive factors.

XRP Price on CoinGecko

The Relative Strength Index (RSI) on the hourly timeframe maintains its position above the 50 level, indicating healthy buying pressure without reaching overbought conditions. This technical setup suggests room for additional upside movement before exhaustion sets in.

Immediate resistance levels have formed near the $1.5850 mark, presenting the first major hurdle for bulls to overcome. Beyond this level, the $1.60 price point stands as a key technical and psychological resistance area that could determine the strength of the current move.

Should buyers successfully push the price above $1.60, the next resistance level appears at $1.6350. A clear break above this zone could potentially trigger an extension toward the $1.6650 level, with further resistance potentially emerging at $1.680 and $1.6920.

The market structure shows strong support forming near the $1.50 level, which previously acted as resistance. This price zone, along with the $1.480 area, now serves as a buffer against potential downside movements.

Trading volumes have shown consistency during the recent price increase, lending credibility to the upward movement. The steady volume suggests genuine market interest rather than temporary price speculation.

A technical analysis of the hourly charts indicates the formation of higher lows, a pattern typically associated with sustainable upward trends. This structure provides additional support for the current price levels and potential further advances.

Should the market encounter selling pressure, initial support exists at the $1.500 mark. Below this level, the $1.480 zone represents another strong support area where buyers might step in to defend the price.

The technical setup suggests that a break below $1.480 could lead to a test of the $1.4550 support level. Further down, the $1.400 zone represents a major support area that has previously shown strong buying interest.

Recent price action data indicates that buy orders have increased near the support levels, while sell orders cluster around the resistance zones, particularly near the $1.60 mark. This order book structure suggests an ongoing battle between bulls and bears at current levels.

The latest trading session shows XRP maintaining its position above the 100-hourly Simple Moving Average, with price action consolidating below the $1.60 resistance level.

The post XRP Price Update: Ripple’s Token Breaks Above Key Moving Average appeared first on Blockonomi.

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Filed under: Bitcoin - @ November 29, 2024 10:26 am