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XRP Price Nearing Breakout: Can It Finally Push Higher?

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XRP price is moving higher above the $0.5400 zone. The price must settle above the $0.5550 resistance to set the pace for a larger increase.

  • XRP price is attempting a fresh increase above the $0.540 zone.
  • The price is now trading above $0.5410 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $0.5395 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if it clears the $0.550 and $0.5550 resistance levels.

XRP Price Revisits Resistance

XRP price started a downside correction from the $0.5550 resistance zone. There was a move below the $0.5420 support. However, the bulls were active at $0.5320. A low was formed at $0.5317 and the price is now rising like Bitcoin and Ethereum.

The price climbed above the $0.5380 and $0.540 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $0.5550 swing high to the $0.5317 low.

The price is now trading above $0.540 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.5395 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $0.5460 level or the 61.8% Fib retracement level of the downward move from the $0.5550 swing high to the $0.5317 low. The first major resistance is near the $0.5500 level. The next key resistance could be $0.5550.

XRP Price

A clear move above the $0.5550 resistance might send the price toward the $0.5650 resistance. Any more gains might send the price toward the $0.5800 resistance or even $0.5880 in the near term. The next major hurdle might be $0.6000.

Another Decline?

If XRP fails to clear the $0.550 resistance zone, it could start another decline. Initial support on the downside is near the $0.540 level and the trend line. The next major support is near the $0.5320 level.

If there is a downside break and a close below the $0.5320 level, the price might continue to decline toward the $0.5210 support in the near term. The next major support sits near the $0.5050 zone.

Technical Indicators

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

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

Major Support Levels – $0.5400 and $0.5320.

Major Resistance Levels – $0.5500 and $0.5550.



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Bitcoin Price Nears $80,000; Fuels Death Cross Potential

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Bitcoin’s recent price action has shown some concerning signs. The crypto king has failed to break through key resistance levels, leaving it vulnerable to further declines. 

As Bitcoin inches closer to testing the $80,000 support level, the potential for a Death Cross looms, increasing bearish sentiment in the market.

Bitcoin Investors Are Skeptical

Short-Term Holders (STHs), who buy at higher prices, are primarily responsible for the ongoing losses. These investors have been actively noting losses in response to Bitcoin’s volatile market conditions, reflecting the unpredictable environment that has made it difficult for new investors to navigate.

Meanwhile, Long-Term Holders (LTHs) continue to realize profits, benefiting from their extended market presence. However, the current market conditions show stagnation in new capital inflows, with LTH profits offset by STH losses. This creates weaker demand and resistance, signaling a potential slowdown in price momentum.

Maintaining bullishness in the market typically requires consistent capital inflows, but the market now seems to be lacking that crucial support. The overall sentiment reflects a neutral stance, with both profit-taking and loss-realization balancing out.

Bitcoin Realized Profit/Loss
Bitcoin Realized Profit/Loss. Source: Glassnode

The crypto king’s macro momentum is showing additional signs of bearish pressure, particularly with the Exponential Moving Averages (EMAs). The 200-day EMA is less than 3% away from crossing the 50-day EMA, which would result in a Death Cross. This technical pattern has historically signaled significant corrections in price, marking a potential end to Bitcoin’s 18-month-long Golden Cross.

As the EMAs approach this critical point, traders and investors are closely watching for any signs of a correction. The fear of a Death Cross brings further concern to Bitcoin’s price stability. If the 50-day EMA crosses below the 200-day EMA, it could trigger more sell-offs, intensifying the bearish sentiment in the market.

Bitcoin Death Cross Nears
Bitcoin Death Cross Nears. Source: TradingView

Is BTC Price Primed For Further Decline?

Bitcoin is currently trading at $82,248, nearing the key psychological support level of $80,000. Despite attempts at a breakout, Bitcoin has failed to move beyond the two-month-long broadening descending wedge pattern. This pattern suggests that Bitcoin could be on the brink of further decline.

If the downward momentum persists, Bitcoin is likely to fall through the $80,000 support level and approach $76,741. This scenario would reinforce the bearish outlook, especially considering the technical indicators and the lack of strong buying support. A breakdown below these levels could signal a deeper correction, with the potential for further declines.

Bitcoin Price Analysis.
Bitcoin Price Analysis. Source: TradingView

However, this short-term bearish thesis can be invalidated if Bitcoin’s price manages to reclaim $82,761 as support. If Bitcoin breaks through the $85,000 barrier, it could break out of the current pattern, signaling a potential reversal. A strong rally above $86,822 would suggest a resumption of the bullish trend, invalidating the bearish momentum that currently dominates 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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Dogecoin (DOGE) Bulls In Trouble—Can They Prevent a Drop Below $0.15?

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Dogecoin started a fresh decline from the $0.1880 zone against the US Dollar. DOGE is declining and might test the $0.150 support zone.

  • DOGE price started a fresh decline below the $0.1850 and $0.1750 levels.
  • The price is trading below the $0.1750 level and the 100-hourly simple moving average.
  • There is a key bearish trend line forming with resistance at $0.170 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could extend losses if it breaks the $0.1620 support zone.

Dogecoin Price Dips Further

Dogecoin price started a fresh decline after it failed to clear $0.200, like Bitcoin and Ethereum. DOGE dipped below the $0.1880 and $0.1820 support levels.

The bears were able to push the price below the $0.1750 support level. It even traded close to the $0.1620 support. A low was formed at $0.1628 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $0.2057 swing high to the $0.1628 low.

Dogecoin price is now trading below the $0.1750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.170 level. There is also a key bearish trend line forming with resistance at $0.170 on the hourly chart of the DOGE/USD pair.

The first major resistance for the bulls could be near the $0.1730 level. The next major resistance is near the $0.1770 level. A close above the $0.1770 resistance might send the price toward the $0.1850 resistance.

Dogecoin Price

The 50% Fib retracement level of the downward move from the $0.2057 swing high to the $0.1628 low is also near the $0.1850 zone. Any more gains might send the price toward the $0.1880 level. The next major stop for the bulls might be $0.1950.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.1770 level, it could start another decline. Initial support on the downside is near the $0.1635 level. The next major support is near the $0.1620 level.

The main support sits at $0.1550. If there is a downside break below the $0.1550 support, the price could decline further. In the stated case, the price might decline toward the $0.1320 level or even $0.120 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

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

Major Support Levels – $0.1620 and $0.1550.

Major Resistance Levels – $0.1720 and $0.1770.



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XRP Price Fate Hangs on $2.00—Major Move Incoming?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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