The XRP price is currently facing challenges in surpassing the $0.5550 resistance level. To foster a renewed upward trend in the short term, it is crucial for XRP to maintain its position above the $0.5250 support zone. Let’s delve into the current market dynamics and potential future movements of XRP.
- XRP price is consolidating above the $0.5320 zone.
- The price is currently 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
In recent sessions, the XRP price has demonstrated stability above the $0.5320 support zone. After initiating a modest upward movement past the $0.550 level, the bullish momentum was met with significant resistance near the $0.5600 mark. Consequently, XRP formed a high at $0.5600 before facing a downward trajectory, akin to the trends observed in Bitcoin and Ethereum markets.
The decline was marked by a breach below both the $0.5550 and $0.550 levels. Additionally, the price fell below a connecting bullish trend line, previously offering support at $0.5500 on the hourly chart of the XRP/USD pair. This led to a dip below the 50% Fibonacci retracement level, calculated from the upward move originating at the $0.5375 swing low to the $0.5600 high. Currently, XRP is trading under $0.5460, along with the 100-hourly Simple Moving Average.
Despite these hurdles, bulls are now defending the 76.4% Fibonacci retracement level of the earlier upward move from the $0.5375 swing low to the $0.5600 high. On the upside, potential resistance looms near the $0.5460 level, with the first significant resistance anticipated around $0.5500.
Breaking Key Resistance Levels
The subsequent key resistance point could be the $0.5550 level. A decisive break above this threshold might propel XRP towards the $0.5600 resistance. Should the bullish momentum persist, the price could aim for the $0.5800 resistance or even approach the $0.5880 level in the near term. An additional major hurdle is positioned at $0.6000.
Potential for Another Downward Move
In the event that XRP struggles to overcome the $0.5500 resistance zone, it may initiate a further decline. Initial support on the downside is expected near the $0.5420 level, followed by more substantial support around the $0.5365 mark. A downward break and closure below the $0.5365 level could pave the way for continued depreciation towards the $0.5320 support in the short term, with the next crucial support anchored near the $0.5250 zone.
Technical Indicators
Hourly MACD
The MACD for XRP/USD is currently losing momentum within the bullish territory, signaling a potential shift in market sentiment.
Hourly RSI (Relative Strength Index)
The RSI for XRP/USD is presently below the 50 level, indicating a moderate bearish bias in the market.
Major Support Levels
- $0.5420
- $0.5365
Major Resistance Levels
- $0.5500
- $0.5550
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