XRP has recently captured significant attention as it faces major resistance at the $0.64 mark, per EGRAG CRYPTO, a top analyst. This pivotal price point draws keen interest from traders and investors, particularly following the recent regulatory clarity received in the United States.
Examining the recent price action on a one-hour chart reveals some crucial insights. XRP’s price has been rising from a support level of around $0.4922 to the current resistance level of $0.6434, revealing a recent uptrend.
This bullish movement suggests positive market sentiment, likely fueled by recent news. However, the price has experienced a minor pullback to approximately $0.6031, indicating a consolidation phase.
Key moving averages offer additional insight into XRP’s price action. The 7-day moving average, at $0.6066, presents short-term resistance. In contrast, the 25-day and 99-day moving averages, at $0.5563 and $0.5186, respectively, provide stronger support. These averages highlight a solid support base that could cushion the price against deeper retracements.
Technical indicators like the RSI and Stochastic RSI provide a balanced market view. RSI values, ranging from 58 to 63, suggest that XRP is neither overbought nor oversold, indicating potential for further movement in either direction. The Stochastic RSI, around 51.65 and 52.75, reflects a neutral stance with a slight bullish bias due to its position above the midpoint.
The MACD histogram shows minimal divergence between the MACD and signal line, suggesting a period of consolidation rather than strong momentum. This indicates that a decisive move, either up or down, may be forthcoming.
Further analysis by CryptoBusy suggests that XRP’s price is testing a multi-year trendline resistance on the weekly timeframe. This symmetrical triangle pattern has been forming since 2018, and the trendline resistance consistently challenges XRP’s upward progress.
If the price can break above this resistance with substantial volume, it may signal the start of a significant bullish phase, with potential resistance levels around $0.8000 and beyond.
Conversely, failure to breach the resistance could lead to a pullback towards the lower support trendline, potentially revisiting previous lows.
At a press time, XRP price was $0.6126, with a 24-hour trading volume of $5,591,991,505. XRP has increased 18.61% in the last 24 hours.
