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XRP Price Breaks Free: Is a Major Rally Underway?

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XRP price gained pace and was able to clear the $0.600 resistance. The price is up over 10% and is now consolidating gains near $0.6450.

  • XRP price started a fresh increase above the $0.600 resistance zone.
  • The price is now trading above $0.6250 and the 100-hourly Simple Moving Average.
  • There is a key contracting triangle forming with resistance at $0.6500 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh increase if it clears the $0.6500 and $0.6550 resistance levels.

XRP Price Settles Above $0.60

XRP price started a major increase above the $0.60 resistance, beating Bitcoin and Ethereum. The bulls were able to pump the price above the $0.6120 and $0.6250 resistance levels.

It even broke the $0.650 resistance. A high was formed at $0.6642 and the price started a downside correction. There was a move below the $0.6550 and $0.6500 levels. The price tested the 50% Fib retracement level of the upward move from the $0.6082 swing low to the $0.6642 high.

The price is now trading above $0.6250 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.650 level. There is also a key contracting triangle forming with resistance at $0.6500 on the hourly chart of the XRP/USD pair.

XRP Price

The first major resistance is near the $0.6550 level. The next key resistance could be $0.6640. A clear move above the $0.6640 resistance might send the price toward the $0.6850 resistance. Any more gains might send the price toward the $0.700 resistance or even $0.720 in the near term.

Are Dips Supported?

If XRP fails to clear the $0.650 resistance zone, it could continue to move down. Initial support on the downside is near the $0.6350 level. The next major support is near the $0.6285 level and the 61.8% Fib retracement level of the upward move from the $0.6082 swing low to the $0.6642 high.

If there is a downside break and a close below the $0.6285 level, the price might continue to decline toward the $0.6120 support in the near term. The next major support sits at $0.600.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

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

Major Support Levels – $0.6350 and $0.6285.

Major Resistance Levels – $0.6500 and $0.6550.



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ADA Sights More Growth After Breaking $0.8119

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My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people – people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I’m so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone’s life. I don’t chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.



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PNUT Price Nears Oversold Zone After 20% 24-Hour Decline

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PNUT price has dropped more than 20% in the last 24 hours, following its recent surge after being listed on major exchanges, where it reached $2.28. This sharp decline highlights weakening momentum, as indicators like ADX and RSI suggest that the uptrend is fading.

Despite this, PNUT still has the potential for a strong recovery if buyers return. However, if bearish pressure continues, PNUT could face a significant correction, testing key support levels and potentially losing more ground.

PNUT Current Uptrend Is Fading Away

PNUT currently has an ADX of 18.76, significantly down from above 50 just a few days ago. This consistent decline in ADX indicates that the strength of PNUT’s uptrend has been steadily weakening.

Despite still being in an uptrend, the sharp drop in price over the last 24 hours highlights the growing vulnerability of maintaining upward momentum. The ADX suggests a potential reversal could be on the horizon.

PNUT ADX.
PNUT ADX. Source: TradingView

The ADX measures the strength of a trend, with values above 25 indicating a strong trend and below 20 indicating a weak or nonexistent trend.

PNUT’s ADX dropping below 20 reflects a weakening trend, even though the current directional movement still leans bullish. If this trend strength continues to deteriorate, PNUT may struggle to sustain its uptrend. That would leave PNUT price vulnerable to a more significant reversal in the near term.

PNUT Is Almost Reaching The Oversold Zone

PNUT currently has an RSI of 32.6, marking its lowest level since being listed on Binance.

The Relative Strength Index (RSI) measures the speed and magnitude of price movements, with values above 70 indicating overbought conditions and below 30 signaling oversold levels.

PNUT RSI
PNUT RSI. Source: TradingView

The consistent decline in PNUT’s RSI over the past few days highlights weakening momentum, with the asset now approaching oversold levels.

If the RSI falls below 30, it could signal that PNUT is significantly undervalued in the short term. However, continued bearish sentiment could keep the price under pressure, delaying any recovery.

PNUT Price Prediction: A 72% Correction Ahead?

If PNUT price experiences a reversal and a strong downtrend emerges, it could test the support at $0.749. Should this level fail to hold, the price may drop further to $0.41 and even $0.32, marking a significant potential correction of up to 72%. This would make PNUT be surpassed by other meme coins such as MOG, GOAT, and MEW in terms of market cap.

Such a scenario would indicate increased bearish pressure, with traders potentially continuing to exit positions after the surges following the listing on major exchanges.

PNUT Price Analysis.
PNUT Price Analysis. Source: TradingView

On the other hand, if PNUT uptrend regains strength, the price could rise to test the resistances at $1.87 and $2.21.

Breaking through these levels could allow PNUT to retest its previous all-time high of $2.50. That would offer a potential 111% upside and establish PNUT as a top 10 meme coin in the market.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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How PNUT, GOAT, BONK Fared

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In this weekly analysis of meme coins, BeInCrypto observed that these tokens experienced mixed results. While some tokens saw gains, others grappled with significant losses.

Peanut the Squirrel (PNUT) and AI-created Goatseus Maximus (GOAT) were among the week’s underperformers, both experiencing significant price drops. In contrast, Bonk (BONK) defied market trends, securing its place as one of the top-performing cryptocurrencies. Here’s a detailed recap of the week’s developments.

Peanut the Squirrel (PNUT)

At the beginning of the week, PNUT’s price was $1.94. However, the meme coin’s value has since decreased by 33%. This significant decline could be attributed to selling pressure from those who held the token until it reached an all-time high.

PNUT’s price is currently $1.17. However, the one-hour chart shows that the Relative Strength Index (RSI) has dropped to 31.66. When the RSI climbs to 70.00, it means that the asset is overbought.

On the other hand, if it is below 30.00, it means that it is oversold. Therefore, while the RSI reading indicates bearish momentum, it indicates that PNUT is oversold.

PNUT price analysis
Peanut the Squirrel 1-Hour Analysis. Source: TradingView

As such, the meme coin’s price could be in line for a rebound. If validated, then PNUT’s price could bounce toward $1.40. In a highly bullish scenario, the meme coin could rally toward $1.72. However, if selling pressure increases again, the price could decrease below $1.15 when we publish the next meme coins weekly update.

Goatseus Maximus (GOAT)

Similar to PNUT, GOAT, another meme coin, faced a sharp decline this week, with its price dropping by 22%.

The price of GOAT has fallen to $0.87, possibly due to waning interest in AI-themed meme coins. The shifting narrative in the meme coin market suggests that some traders may be moving on from the AI buzz, seeking opportunities elsewhere.

Adding to the bearish sentiment, GOAT’s 4-hour chart has revealed a head and shoulders pattern, a classic bullish-to-bearish reversal indicator. This formation suggests that the meme coin could face further downside.

GOAT meme coin price analysis
Goatseus Maximus 4-Hour Analysis. Source: TradingView

If the pattern plays out, coupled with the negative Moving Average Convergence Divergence (MACD), GOAT’s price could decrease to $0.66. However, a surge in buying pressure could invalidate this bias. If that happens, the value could jump to $1.37.

Bonk (BONK)

Contrary to GOAT and PNUT’s performance, Bonk’s price experienced a 28% hike. This price increase happened because the project disclosed that it would burn 1 trillion tokens by December 25 at the latest.

As a result, this disclosure sent euphoria around the Solana meme coin’s community, driving demand and a higher value for the token. However, BONK faces resistance at $0.000050, which has made it challenging for the cryptocurrency to rise much higher.

Despite that, the Bull Bear Power (BBP) shows that bears do not still have control. If sustained, then BONK’s price could move toward $0.000060. 

Meme coins weekly BONK
Bonk Daily Analysis. Source: TradingView

On the flip side, if bears outpace bulls’ dominance, that might not happen, as the next meme coins weekly analysis could see it decline to $0.000043.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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