{"id":1884,"date":"2024-08-29T04:58:52","date_gmt":"2024-08-29T04:58:52","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=1884"},"modified":"2024-08-29T04:58:52","modified_gmt":"2024-08-29T04:58:52","slug":"xrp-bulls-target-new-gains-will-they-achieve-a-breakout","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=1884","title":{"rendered":"XRP Bulls Target New Gains: Will They Achieve a Breakout?"},"content":{"rendered":"

XRP price dropped toward the $0.5550 level before the bulls appeared. The price is now consolidating and might aim for a fresh increase above $0.580.<\/em><\/p>\n

XRP price started a consolidation phase after a drop toward the $0.5550 zone.
\nThe price is now trading below $0.580 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance at $0.5720 on the hourly chart of the XRP\/USD pair (data source from Kraken).
\nThe pair could attempt a recovery wave if it clears the $0.580 resistance zone.<\/p>\n

XRP Price Starts Consolidation<\/h2>\n

XRP price extended losses below the $0.580 level like Bitcoin<\/a> and Ethereum<\/a>. The price even tested the $0.5550 zone. A low was formed at $0.5538 and the price recently started an upside correction.<\/p>\n

There was a move above the $0.5580 and $0.5620 levels. The price spiked above the 50% Fib retracement level of the downward move from the $0.60 swing high to the $0.5538 low. However, the bears remained active and protected more upsides above $0.5850.<\/p>\n

The price is still trading below $0.580 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5720 level. There is also a key bearish trend line forming with resistance at $0.5720 on the hourly chart of the XRP\/USD pair.<\/p>\n

The first major resistance is near the $0.5885 level. It is close to the 76.4% Fib retracement level of the downward move from the $0.60 swing high to the $0.5538 low.<\/p>\n

<\/a><\/p>\n

The next key resistance could be $0.60. A clear move above the $0.60 resistance might send the price toward the $0.6050 resistance. The next major resistance is near the $0.6160 level. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term.<\/p>\n

Another Decline?<\/h2>\n

If XRP fails to clear the $0.5720 resistance zone, it could start another decline. Initial support on the downside is near the $0.5640 level. The next major support is at $0.5550.<\/p>\n

If there is a downside break and a close below the $0.5550 level, the price might continue to decline toward the $0.5320 support in the near term. The next major support sits at $0.5120.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 The MACD for XRP\/USD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for XRP\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $0.5640 and $0.5550.<\/p>\n

Major Resistance Levels \u2013 $0.5720 and $0.5885.<\/p>","protected":false},"excerpt":{"rendered":"

XRP price dropped toward the $0.5550 level before the bulls appeared. The price is now consolidating and might aim for a fresh increase above $0.580. XRP price started a consolidation phase after a drop toward the $0.5550 zone. The price is now trading below $0.580 and the 100-hourly Simple Moving Average. There is a key […]<\/p>\n","protected":false},"author":0,"featured_media":1885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1884"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1884"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1884\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1885"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}