Blockchain

Bitcoin is facing resistance at its yearly high of the $35,000 mark amidst a few days of eventful price action. Right now, all things seem poised for a retracement, considering past price action of the cryptocurrency after sudden price surges. 

However, according to some crypto analysts, Bitcoin is currently trading at a high premium. This means its price is inflated right now due to all the excitement and media attention. Data from crypto behavior analytics Santiment has shown euphoria regarding Bitcoin among investors on social media posts. This euphoria has occasionally preceded a decline in the price of BTC.

MN Trading analyst Daan Foppen warns that the cryptocurrency is currently trading at a significant premium, noting the best time to buy is at a discount price. 

Analyst Recommend Waiting For The Next Dip To Buy

Bitcoin’s current surge can likely be attributed to FOMO from investors regarding the approval of spot Bitcoin ETFs. This FOMO was reinforced by the emergence of BlackRock’s iShares Bitcoin Trust on the DTCC website. 

The Bitcoin Trust was removed from the DTCC website without explanation, leading to an ongoing consolidation and a pause in the price surge. However, the listing has since returned, with slight changes.

Although analyst Daan Foppen credited this recent Bitcoin price spike as a good sign for bulls, he warned that the price is “currently trading in a bearish monthly fair value gap (FVG).” A good step right now is to keep an eye on the monthly close for a potential change in a scenario that will show the next direction after the current consolidation.

Foppen believes a monthly close that is higher than $31,800 will solidify the beginning of a longer-term bullish momentum, while a close below the $31,800 mark will prove the bears are still in control.

“We had a convincing break above the most recent high of 31.8K which is crucial for further upside momentum. If we close the candle like this, we can say that we have printed another higher high. If we close below 31.8K, my thesis will change from bull to bear, but for now, we have nothing to worry about,” Foppen said.

According to Foppen, a better strategy before buying it is to wait for discount prices at previous resistance levels. The analyst made this analysis by sharing various BTC price charts on different timeframes. 

While examining the 1-hour timeframe, he noted the best discount price for cautious traders could be at the “untested order block around $31,000, which is in line with the previous range high.”

What’s Next For Bitcoin?

At the moment, Bitcoin is trading at a premium, meaning it’s on the higher end of its typical range. However, considering the volatility and still-nascent phase of the crypto industry, it can be somewhat difficult to use Bitcoin’s past performance to predict future outcomes. 

Bitcoin is up by 22.30% in a 7-day timeframe, but the 24-hour trading volume dropped by 27.48%, indicating that the price increase may be beginning to level off. However, there’s certainly a very strong price spike in the near future. 

Adam Back, the CEO of Blockstream, is of the opinion that the digital currency now possesses sufficient fundamentals to propel it past the price point of $100,000.

The cryptocurrency space is indeed full of surprises. Recently, an emerging meme coin called $MEME, which has no roadmap or utility has already raised over $11 million in its ongoing firesale.

Memecoin (MEME) Achieves A Major Milestone With Firesale

MEME is an Ethereum-based memecoin that operates under the ERC-20 network, with a total supply of 69 billion MEME tokens. The token was designed by a web3 startup called Memeland and launched by the team that worked on 9GAG.

According to the Memecoin fire sale page, the brand new meme coin reportedly sold over 11.4 billion MEME tokens selling at $0.001 in its ongoing firesale. This indicates a significant 150% surge, beating the team’s expectations from the very beginning.

The token’s active firesale which has amassed over $11 million already has done this despite being a waitlist-only sale.

In line with Memecoin’s whitepaper, the team highlighted that the token “has no functions, no utility and no intrinsic value, no promise or expectation of any financial return, profit, interest or dividend.” 

The team further asserts that in regard to the Memeland ecosystem, the Memecoin does not represent “any entitlement to any voting rights.” 

However, despite the meme coin not having a roadmap, utility, and future return, it did not sway crypto investors from purchasing the meme coin. In addition, the crypto community is still eager to buttress the startup, demonstrating crypto investors’ trust and faith in the new meme coin.

According to data from MEME’s tokenomics, it was revealed that the first 2.7% of the total supply of the MEME token will be released on October 27. Meanwhile, the remaining portion will be “unlocked daily over the course of eighteen months.”

Meme Coin Captures Crypto Investors’ Interest

The cryptocurrency community’s interest in the newly introduced MEME token can be traced back to the future profit potentials of meme coins. Meme coins can offer huge investment returns for investors, although they can also be risky for those who do not engage in proper research before investing in the tokens. 

One notable meme coin that has garnered huge returns for investors and produced hundreds of millionaires in the 2021 bull run is the Shiba Inu (SHIB) meme coin. 

Related Reading: The Battle of Memecoins: EverLodge vs Shiba Inu – Which Holds the Key to Success?

The Dogecoin rival was launched in 2020 but later rose to fame in 2021 after significant price surges. The token has managed to remain a vital meme coin to this day.

The Shiba Inu was launched with an initial price of $0.000000001009, according to CoinMarketCap. By May 2021, the token was traded at $0.00003469, indicating an over 10,000% surge in price. The token is the currency being traded at $0.000008 as of the time of writing.

The crypto market is constantly in motion; there is a potential shift in SHIB and its position in the nascent sector. An analyst presented a bullish case for PEPE, which could directly impact SHIB’s position in the meme coin market.

As of this writing, PEPE has considerably outperformed SHIB and other memecoins. PEPE records a 14% increase in the last 24 hours alone and a 90% increase over the past two weeks, while SHIB records an 18% profit over the same period.

SHIB Investors Should Fear PEPE’s Impact?

An analyst believes that PEPE’s current price action will extend beyond the early stages of the current Bull Cycle, following a successful break out beyond the 7730 and 8127; as seen in the chart below, the cryptocurrency hit a critical resistance level. The analyst stated:

$PEPE That was a quick move upon retaking the range. First target at 10800 reached but ultimately I am holding a spot bag of this for the cycle to come. Still stand by the idea that $PEPE will be this cycle’s $SHIB.

However, the analyst believes that PEPE’s rally is barely starting. The cryptocurrency reclaimed an important area and could continue to climb beyond its all-time high and into uncharted territory during the bull cycle.

Altcoins To Watch In Upcoming Cycle

PEPE is one of the altcoins the analyst is keeping an eye on. In addition to the meme coin, the trader expects the NFT and staking sectors to bloom in the coming months.

Apecoin’s APE and LidoDAO’s LDO have been rallying due to the current bullish momentum in the market. LDO alone could hit the $2 target in the short term and continue its run higher into the $3 territory.

Other cryptocurrencies to watch if these sectors trend to the upside are ETH, DOGE, BLUR, and ORDI. On APE, the analyst stated:

APE So far so good. Pretty strong and about to test an important high timeframe resistance area. Clear this and I think we can look for ~$1.8 next. If NFTs bounce as well that would help this.

As of this writing, APE is trading at $1.3 with a 25% profit in the past two weeks.

Cover image from Unsplash, chart from Tradingview

Through bull and bear rallies, crypto analysts have always given their forecast for where the price of a crypto like bitcoin might end up. Mostly, this is the norm, but one analyst has taken a deeper dive into the coin to give an in-depth analysis of Bitcoin’s upward rally. The analysis touches on multiple indicators, as well as the widespread acceptance that BTC has been gaining recently.

Bitcoin Price To $70,000

The analysis shared on TradingView shows a different side of the market that has previously been untapped. The analyst who goes by ArShevelev identifies the period between March and August as the ‘Stealth Phase’, which is likely where most of the accumulation occurred.

Next, the crypto entered into the ‘EW Channel’ which looks like it served as a bounce-off point for the rally. From here, it has been an easy coasting upward reaching above the $34,000 mark. But this is where things start to get interesting.

At this level, the analyst predicts a pullback in the price. This pullback from $34,000 sends the price falling back down to as low as $31,000 before the rally starts up again. The end of this retest leads to the top of the third wave where the price reaches as high as $50,000, before another pullback again.

This sent the price back down to the $35,000 mark once more to mark the fourth wave before bouncing up again into the fifth wave. Now, at this point, the analyst sees ‘Media Attention’ entering the game (presumably mainstream and traditional finance media), and the lift-off from this level reaches the $70,000 mark.

Factors To Drive The Momentum

The crypto analyst presents seven major factors that are behind the predicted Bitcoin momentum leading into a bull market. For starters, the first is the same as everyone expects – the almighty Bitcoin Halving. This event is undoubtedly the most bullish in Bitcoin’s history and a repeat of it is expected to kickstart the bull market.

Next on the list is the Impulse Structure and Rising Channel where the analyst believes that the BTC price is “painting a compelling picture on the daily timeframe.” This leads to the Third Wave Speculation as already explained above. The analyst believes the market is in the third wave, with the fourth being a pullback and the fifth leading above $70,000.

Fourth on the list is the Wyckoff Accumulation Pattern in which Bitcoin is already showing strength. Then there is the Bollinger Bands Width Squeeze which has dropped to 2014 levels. “This rarity accentuates Bitcoin’s growth potential, serving as a strong indicator for investors,” ArShevelev says.

The sixth factor is the Historical Comparisons where the current price action is compared to previous market trends. The 2023 bear market looks more like the 2015 bear market as the analyst points out, and this could see an almost 100% jump in price as it did in 2015. This would put the Bitcoin price above $50,000.

Last but not least is Institutional Interest which has been on the rise lately. Mostly, this has been driven by the enthusiasm around BlackRock, the world’s largest asset manager, filing for a Spot Bitcoin ETF and possibly bringing Bitcoin into its over $8 trillion portfolio.

ArShevelev explains that a Spot Bitcoin ETF “promises to be a game-changer” due to its ability to bridge TradFi to crypto and allow more money to flow into Bitcoin. “The ETF’s advent not only signifies regulatory acknowledgment but also invites a wave of retail participation,” the crypto analyst said. “The anticipation is that as we approach the holiday season, institutional investors will further solidify this upward trajectory.”

Solana (SOL) has been on the tip of many crypto enthusiasts’ tongues lately and with good reason. The vibrant ecosystem, strong partnerships, and a skyrocketing SOL price have given investors plenty to mull over. Here are four (new) reasons why you should lend Solana your attention.

#1 Solana And The US Regulatory Landscape

Solana’s prospects in the US seem to be intertwined with unfolding regulatory decisions. Vibhu Norby, founder of Drip Labs, today shared notable and positive insights from a recent Crypto Policy Bootcamp, tweeting, “Takeaways from Crypto Policy Bootcamp in D.C. … Most agreed Gensler is an outlier, lots of folks in Congress support crypto and clear rules, and everything is going to be fine. Just slow.”

This suggests a broader acceptance and understanding of crypto within the legislative chambers. One of the key points Norby highlighted was the collaborative efforts between the Solana Foundation and Polygon Labs. He shared, “Solana Foundation and Polygon Labs are working together (!) to secure better policy.”

Norby also touched upon the ongoing lawsuit between the SEC and Coinbase, asserting, “SEC vs. Coinbase is the most important case right now in the US. A few opinions from smart lawyers think Coinbase probably wins against the SEC before Q2 next year. But nobody knows of course.”

The ramifications of this case could have broad implications, especially for tokens like Solana (SOL) that have been pulled into regulatory scrutiny. Given the SEC’s allegations against Binance and Coinbase for selling unregistered securities, including SOL, a favorable outcome for Coinbase might positively impact Solana’s standing in the US and ultimately its price trajectory.

#2 Solana’s Potential Blue-Chip Evolution

The constant comparison between Ethereum and Solana has given rise to debates in the crypto sphere. However, the increasing attention Solana has garnered, especially from venture capitalists (VCs), has lent credence to the belief that it might soon join the ranks of blue-chip assets.

Raj Gokal, co-founder of Solana, recently hinted at a shifting attitude amongst VCs towards Solana. In response, Chris Burniske, analyst and partner at Placeholder VC, predicted a change in perception among VCs – moving from avoidance to eagerness in investing in Solana projects.

Burniske further confirmed a user’s query regarding Solana’s potential to attain Ethereum-like prominence, suggesting that in places like India, Solana already enjoys a reputation similar to Ethereum’s.

He stated:

Very quickly this will go from, ‘We don’t invest in Solana projects,’ to ‘We’re underexposed to Solana.’ And so the bidding wars will begin… the quality entrepreneurs of the ecosystem deserve it.” […] And would add that in some countries, like India, Solana is already as widely known and beloved as Ethereum.

#3 Rising Institutional Interest

Recently, the institutional tide appears to be turning in favor of Solana. Sasha Fleyshman, a notable portfolio manager at Arca, expressed his initial hesitation towards Solana in a tweet, stating, “For what it’s worth Raj Gokal, Chris Burniske, I haven’t really seen too much in the pipeline to even consider for investment from the Solana side of the ecosystem.”

This sentiment, once widely echoed within the institutional realm, seems to be undergoing a change. “I think party lines were drawn on both sides [Ethereum and Solana]- as for us, we are open to taking looks, but unsure how to get that started,” Fleyshman revealed.

A deep dive into recent data also shows Solana’s growing allure among institutional investors. Solana (SOL) has seen the strongest influx of capital among all crypto assets in recent weeks. Per CoinShares’ weekly digital asset investment products report, SOL has been the darling of institutional investors.

The latest CoinShares report indicated a significant surge in capital inflows towards Solana. In just one week, Solana attracted a substantial $15.5 million, starkly juxtaposed against Ethereum’s outflows, which stood at $7.4 million for the same period.

Such a bullish institutional endorsement is further amplified when considering the year-long metrics. Solana’s Assets under Management (AuM) for the year have burgeoned to a remarkable $74 million, marking a surge of 47%. In comparison, Ethereum’s outflows have amounted to $119 million year-to-date.

#4 Bullish Chart Setup

The Solana (SOL) chart is extremely bullish and one of the strongest in the entire altcoin market right now, with a performance of +240% year-to-date. At press time, SOL was trading at $32.14 after establishing a new high for the year yesterday at $33.87 yesterday.

The SOL price has broken out of the triangle formation and is in the process of establishing a new trading range above $30.61. If SOL defends this level in the coming days and weeks, a rise to the next key resistance area at $47.21 could be on the cards.

XRP is currently up over 14% in the last seven days, and some might argue that the altcoin is simply enjoying the euphoria of a possible Spot Bitcoin ETF approval, which has seen the crypto market resurge. However, there are other developments that the XRP community might need to be aware of, as they could cause the crypto token to continue to rally. 

Ripple To See More Liquidity With Latest Collaboration

Blockchain company Ripple recently announced that it had partnered with Web3 financial platform Uphold. As part of the partnership agreement, Uphold is expected to provide Ripple with “enhanced crypto liquidity capabilities” to help facilitate transactions on its cross-border payments infrastructure more efficiently. 

The news is significant for the XRP community because Ripple uses XRP as a utility token to help process these cross-border transactions. As such, “enhanced crypto liquidity” will generally translate to more liquidity in the XRP ecosystem, which could ultimately cause a further surge in the token’s price.  

Xumm Wallet Records Milestone

XRP-based wallet Xumm announced in a post on its X (formerly Twitter) platform that it had crossed 600,000 active users in the past three months. The wallet happens to be one of the notable ones on the XRP Ledger, as it also announced plans to introduce new functionalities that could see the number of its active users increase exponentially. 

In the post, Xumm mentioned that its wallet is set to become 10x more retail-friendly with the redesign they are working on. It also plans to integrate AMM and more DEX activity, which would see the wallet become 10x better. It is believed that the wallet plans to complete this integration once the AMM goes live on the XRP Ledger. 

Meanwhile, the wallet’s use cases will also increase as Xumm plans to incorporate XRP’s sidechain Xahua and its ‘Hooks’ feature. These developments are bullish for XRP as they will undoubtedly increase the token’s utility. 

NFTs Are Coming To XRP Ledger

Ripple had reportedly been working on tools and services to accommodate tokenized assets and facilitate trading of these assets on the XRP Ledger. The company’s efforts seem to be already paying dividends, as SBI Holdings announced plans to issue its NFT service “EXPO2025 Digital Wallet NFT,” also known as ‘Myakoon’ on the XRP Ledger.

It is believed that this development could open the door for other NFT issuers to launch their NFTs on the network. This is also more significant because of how the tokenized market is projected to grow massively to $13.6 billion by 2027. As such, XRP has the potential to be at the heart of the market when this happens. 

XRP has demonstrated its resilience in the volatile world of digital assets. This week, XRP investors and enthusiasts have ample reasons to celebrate as the coin saw an impressive surge of 14.2% in its price over the past seven days, bringing it to a notable high after its last dip in August. 

This remarkable surge highlights the cryptocurrency’s ability to experience significant price movements within a relatively short timeframe. The upward trajectory of XRP’s price over the past week suggests an increase in investor interest or positive market sentiment, which has driven its value to levels higher than what was observed just seven days ago. At the time of writing, XRP is trading at $0.559841, with a modest 0.2% loss over the past 24 hours.

One of the most significant indicators of XRP’s current performance is the overwhelming interest from buyers rather than sellers. The Volume Delta metric cited in a price analysis in highlights this trend vividly.

Volume Delta essentially measures the difference between buying and selling pressure in the market, serving as a valuable gauge for traders seeking to make informed decisions. In the case of XRP, this metric is painting a positive picture as buying sentiment dominates, giving traders the confidence to enter long positions.

This surge in buying interest suggests that investors have renewed faith in the coin’s potential, as the coin has rebounded from the lows witnessed in the past. With growing adoption and an increasing number of use cases for XRP, it’s no surprise that the cryptocurrency is attracting a substantial inflow of funds.

Large XRP Transfer To Bitstamp Sparks Intrigue

Meanwhile, in the world of cryptocurrency transactions, a noteworthy event has piqued the interest of the XRP community. In the last 24 hours, an anonymous wallet executed a substantial transfer of 26,800,000 XRP to the major EU-based exchange, Bitstamp. This sizeable movement of XRP tokens has raised questions and fueled speculation within the crypto community.

Data provided by the XRP explorer, Bithomp, has shed some light on the sender’s identity, revealing a connection to Ripple Labs, a blockchain decacorn known for its involvement in the development and promotion of the token’s ecosystem. This significant transfer underscores the confidence in its future, as well as the growing influence of Ripple Labs within the cryptocurrency space.

XRP’s Resurgence Indicates Positive Market Sentiment

The crypto’s recent performance showcases its ability to rebound from challenging times and regain investor confidence. With a notable surge in price over the past week, XRP has demonstrated its potential to shine in the competitive world of cryptocurrencies. The dominance of buying sentiment, as indicated by the Volume Delta metric, hints at a positive market outlook for XRP.

Furthermore, the substantial transfer to Bitstamp, likely orchestrated by Ripple Labs, adds an intriguing layer to the narrative, emphasizing the ongoing commitment of key players to the success of XRP and the broader blockchain ecosystem.

As XRP continues to carve its path in the digital asset landscape, investors and enthusiasts eagerly await further developments, making this cryptocurrency a compelling one to watch in the coming weeks and months.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from  FX Empire

In a recent analysis shared by renowned crypto analyst, Jaydee, Dogecoin (DOGE) appears to be setting the stage for a potentially significant price rally. The chart showcases a series of technical indicators and patterns that hint towards a bullish trajectory for the meme coin, with a projected price target above $1.5.

In a tweet accompanying the chart, Jaydee remarked: “Dogecoin – meme (shitcoin) with a beautiful chart structure! Will DOGE have that confirmed breakout?! Last time it broke out from a multi-year triangle, it 380x in price! Similar structure compared to the 2020-2021 breakout!”

Dogecoin Price Prints Historic Buy Signal

The chart provided by Jaydee displays the DOGE/USD trading pair with a bi-weekly time frame. Dogecoin’s price history, as highlighted in the chart, reveals two significant breakout points.

The first breakout took place in 2017, where the price surged from below $0.003 in March 2017 to a peak of $0.0193 in January 2018. The second notable breakout occurred around the end of 2020 till April 2021, skyrocketing the DOGE price from about $0.035 to an all-time high close to $0.76.

Over the past few two years, from April 2021 till recently, Dogecoin’s price has been forming a symmetrical triangle pattern again. This is a classic continuation pattern, and given DOGE’s past bullish momentum, a breakout from this triangle to the upside seems plausible.

Remarkably, DOGE’s 380x price rise was also preceded by a multi-year triangular formation. At the end of 2020, DOGE broke out of the formation, but first experienced a successful retest of the trendline and a short sideways phase of around three months before the massive rally.

Jaydee’s analysis indicates that the DOGE price has begun its breakout from this symmetrical triangle with this week’s candle, hinting at a continuation of its previous bullish trend. If history repeats itself, DOGE could first experience another minor pullback, followed by a short sideways phase, before the ascent towards the current all-time high begins.

By extrapolating from past performance and the present chart structure, Jaydee’s analysis proposes that a confirmed breakout could see DOGE aiming for the $1.5 price range sometime in 2024, as detailed with the blue arrow in the chart.

The chart humorously remarks that “BEGINNERS will be buying up here.. SMH! LOL!”, suggesting that novice traders might be lured into buying at the peak. While it’s a lighthearted note, it’s also a cautionary tale for traders to conduct their due diligence and not follow the herd mentality.

While the 2-week chart in Jaydee’s analysis has already posted a bullish breakout signal, the 1-day chart still looks somewhat different. The price is still below the trendline (black), at which Dogecoin has been rejected several times since December last year. However, DOGE has crossed the 0.236 Fibonacci retracement level at $0.0692 and is now approaching the trendline again.

As the price of Bitcoin surges with its sights set on breaching the $40,000 mark, a wave of optimism is sweeping through the crypto community. 

Blockchain data from Santiment offers a glimpse into the fervor and growing confidence among traders, largely fueled by the anticipation of a potential green light for a Bitcoin spot exchange-traded fund (ETF) in the United States.

This week, the leading cryptocurrency reached a significant milestone by scaling heights slightly above $35,000 for the first time in 2023.

With a solid support level at $33,000, traders have been consistently building new positions, anticipating yet another breakout beyond the $35,000 threshold.

Traders are euphoric and showing major signs of #FOMO. $BTC‘s now +19% 1-week rise, and surging market caps have registered a high level of greed keywords. For more rising, trader #FUD is necessary. Markets historically rise when traders least suspect. https://t.co/Ojpa7qy8a9 pic.twitter.com/eWLUbOqL59

— Santiment (@santimentfeed) October 24, 2023

The current Bitcoin price, according to CoinGecko, stands at $34,750, with a 24-hour rise of 2.0% and an impressive seven-day rally of 23.2%.

The climb beyond $35,000 is a crucial juncture. A successful retest of this resistance level could potentially confirm a path toward the $40,000 mark.

This move might signify the commencement of a pre-halving rally, a scenario that excites many Bitcoin enthusiasts.

Investors Load Up On Bitcoin Ahead Of Bull Market

James V. Straten, a research and data analyst, sheds light on the mounting enthusiasm among investors as they eagerly accumulate BTC in preparation for the impending bull market.

Over the past 30 days, holders across various categories, including miners and exchanges, have absorbed a staggering 103,000 Bitcoin, according to Straten.

Traders are euphoric and showing major signs of #FOMO. $BTC‘s now +19% 1-week rise, and surging market caps have registered a high level of greed keywords. For more rising, trader #FUD is necessary. Markets historically rise when traders least suspect. https://t.co/Ojpa7qy8a9 pic.twitter.com/eWLUbOqL59

— Santiment (@santimentfeed) October 24, 2023

The prevailing sentiment is unequivocally bullish, with a growing consensus that a spot Bitcoin ETF listing in the United States is becoming increasingly likely. Darius Tabatabai, the co-founder of decentralized exchange Vertex Protocol, commented on this prospect, stating:

“Sentiment is clearly bullish as more and more signs start to reveal what appears to be a likely, imminent listing for a spot Bitcoin ETF in the US.”

Adding Fuel To Crypto Fire

Matthew J. Maley, the chief market strategist at Miller Tabak + Co., LLC, in a Bloomberg report points out another factor contributing to the crypto rally: geopolitical tensions.

Maley believes that investors are beginning to see cryptocurrencies as an essential currency sooner than anticipated due to the escalating geopolitical conflicts worldwide.

He said:

“I think investors are thinking that the increase in geopolitical hotspots in the world is raising the odds crypto will be an important currency quicker than they thought previously.”

As Bitcoin continues its ascent, both speculative optimism and real-world events are converging to shape the narrative, leading many to believe that BTC’s journey beyond $40,000 may not be far off.

Whether it’s the promise of a Bitcoin ETF or the shifting landscape of global affairs, Bitcoin remains in the spotlight, attracting increased attention from a broad spectrum of investors.

Featured image from Quora

XRP price is correcting gains from the $0.585 resistance against the US Dollar. The bulls are active near $0.550 and might soon initiate a new rally.

XRP started a strong increase above the $0.55 resistance.
The price is now trading above $0.525 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.5520 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might correct further lower, but the bulls could remain active near $0.5320.

XRP Price Holds Ground

After forming a base above the $0.478 level, XRP started a fresh increase. The recent pump in Bitcoin and Ethereum also dragged XRP higher. The price gained pace after it broke the $0.525 resistance.

There was a move above the $0.550 and $0.565 resistance levels. Finally, it traded to a new multi-week high at $0.5859. Recently, there was a downside correction below the $0.575 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.4778 swing low to the $0.5859 high.

The price is now trading above $0.525 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.5520 on the 4-hour chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

On the upside, immediate resistance is near the $0.563 level. A close above the $0.563 level could send the price toward the $0.585 resistance. If the bulls remain in action above the $0.585 resistance level, there could be a drift toward the $0.620 resistance. Any more gains might send XRP toward the $0.645 resistance.

Are Dips Limited?

If XRP fails to clear the $0.563 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5520 zone and the trend line.

The next major support is at $0.532 or the 50% Fib retracement level of the upward move from the $0.4778 swing low to the $0.5859 high. If there is a downside break and a close below the $0.532 level, The price might accelerate lower. In the stated case, the price could retest the $0.505 support zone.

Technical Indicators

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

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

Major Support Levels – $0.552, $0.532, and $0.505.

Major Resistance Levels – $0.563, $0.585, and $0.620.