Aayush Jindal
Key Highlights
- XRP price rallied over 75% in a few days and tested the $2.80 zone.
- It broke a key contracting triangle with resistance at $1.485 on the 4-hour chart.
- Bitcoin price is still consolidating below the $100,000 resistance.
- EUR/USD failed to continue higher above the 1.0600 resistance.
XRP Price Technical Analysis
XRP price started a major rally from the $1.20 zone. The bulls pumped the price above the $1.500 and $1.7500 resistance levels.
Looking at the 4-hour chart, the price surged over 75% in four days and climbed above the $2.00 level. During the increase, it broke a key contracting triangle with resistance at $1.485. The upward move was such that the price even spiked toward $2.80.
A new multi-month high was formed near $2.870 on TitanFX and the price is now consolidating gains. There was a move below the $2.350 level. The price tested the 23.6% Fib retracement level main increase from the $1.816 swing low to the $2.870 high.
However, the price is still trading well above the $2.200 support, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).
On the upside, XRP price might face resistance near the $2.50 level. The next major resistance is near $2.620. A successful close above the $2.620 level might spark a decent increase.
In the stated case, the price may perhaps rise toward the $2.850 level. The next stop for the bulls may perhaps be near the $3.00 level. Any more gains might send XRP toward $3.20.
If there is a downside correction, the price might find bids near the $2.25 level. The first major support is near the 50% Fib retracement level main increase from the $1.816 swing low to the $2.870 high at $2.350.
Economic Releases
- Fed's Kugler speech.
- US JOLTS Job Openings for Oct 2024 – Forecast 7.48M, versus 7.443M previous.
