XRP price is struggling to clear the $0.5550 resistance. It must stay above the $0.5250 support zone to attempt a fresh increase in the near term.
- XRP price is consolidating above the $0.5320 zone.
- The price is now trading below $0.5500 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trend line with support at $0.5500 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.5550 and $0.5580 resistance levels.
XRP Price Trades In A Range
XRP price remained stable above the $0.5320 support zone. It started a decent increase above the $0.550 level, but the bears were active near the $0.5600 resistance zone.
A high was formed at $0.5600 before the price started to decline like Bitcoin and Ethereum. There was a decline below the $0.5550 and $0.550 levels. Besides, there was a break below a connecting bullish trend line with support at $0.5500 on the hourly chart of the XRP/USD pair.
The price dipped below the 50% Fib retracement level of the upward move from the $0.5375 swing low to the $0.5600 high. The price is now trading below $0.5460 and the 100-hourly Simple Moving Average.
The bulls are now protecting the 76.4% Fib retracement level of the upward move from the $0.5375 swing low to the $0.5600 high. On the upside, the price might face resistance near the $0.5460 level. The first major resistance is near the $0.5500 level.
The next key resistance could be $0.5550. A clear move above the $0.5550 resistance might send the price toward the $0.5600 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 Drop?
If XRP fails to clear the $0.5500 resistance zone, it could start another decline. Initial support on the downside is near the $0.5420 level. The next major support is near the $0.5365 level.
If there is a downside break and a close below the $0.5365 level, the price might continue to decline toward the $0.5320 support in the near term. The next major support sits near the $0.5250 zone.
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 below the 50 level.
Major Support Levels – $0.5420 and $0.5365.
Major Resistance Levels – $0.5500 and $0.5550.
Read the full article here