The XRP price is currently trapped in a narrow range, struggling to break through the $0.5500 level. For the price to initiate a new upward trend, it must overcome the resistance levels at $0.5450 and $0.5500. Let’s delve into the details of the XRP/USD pair’s current trading dynamics and potential future movements.
- XRP price remains in a range above the $0.5080 support level.
- The cryptocurrency is trading near $0.5320, in proximity to the 100-hourly Simple Moving Average.
- A connecting bearish trend line with resistance at $0.5340 is evident on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might gain bullish momentum if it surpasses the resistance levels at $0.5360 and $0.5450.
XRP Price Eyes Fresh Surge
Currently, XRP price is maintaining its stance above the $0.5080 support level. Unlike Bitcoin and Ethereum, XRP has entered a consolidation phase above the $0.5120 mark. A minor upward movement was observed within this range, allowing the price to climb above the $0.5250 resistance level, extending further past $0.5320.
However, resistance from the bears is noticeable near the 50% Fib retracement level of the recent downward wave, which moved from the $0.5453 swing high to the $0.5211 low. At present, XRP is trading near $0.5320, aligning with the 100-hourly Simple Moving Average. If the price attempts another increase, it may encounter resistance around the $0.5340 mark, where a bearish trend line is forming on the hourly chart of the XRP/USD pair.
Key Resistance Levels
The initial significant resistance stands close to the $0.5460 level, which coincides with the 61.8% Fib retracement of the decline from the $0.5453 swing high to the $0.5211 low. Surpassing this, the next critical resistance could emerge at $0.5550. A decisive break above the $0.5550 resistance might propel the price towards the $0.5800 mark. Further gains could potentially push XRP to test the $0.6000 resistance or even reach $0.6050 in the near future. The subsequent major hurdle could be anticipated around $0.6250.
Another Decline?
Should XRP fail to clear the $0.5360 resistance zone, it may initiate another downward trend. The initial support on this trajectory is near the $0.5200 level, followed by a more substantial support around the $0.5165 mark. In case of a downward break and closure below the $0.5165 level, the price could continue its descent towards the $0.5050 support in the near term, with the next significant support positioned near the $0.5000 zone.
Technical Indicators
Hourly MACD
The MACD for XRP/USD is currently gaining momentum in the bullish territory.
Hourly RSI (Relative Strength Index)
The RSI for XRP/USD has climbed above the 50 level, indicating bullish sentiment.
Major Support Levels
The primary support levels are established at $0.5200 and $0.5165.
Major Resistance Levels
The key resistance levels are identified at $0.5360 and $0.5450.
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