XRP price is struggling to break the USD 0.5550 resistance. It needs to hold above the $0.5250 support zone to attempt a fresh rise in the near term.
- The 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 trendline with support at $0.5500 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if it overcomes the $0.5550 and $0.5580 resistance levels.
XRP price trading within a range
XRP price held steady above the $0.5320 support zone. It started with a decent rise above the USD 0.550 level, but the bears were active near the USD 0.5600 resistance zone.
A high was formed at $0.5600 before the price started to decline, much like Bitcoin and Ethereum. There was a decline below the USD 0.5550 and USD 0.550 levels. Additionally, there was a break below a connecting bullish trendline with support at $0.5500 on the hourly chart of the XRP/USD pair.
The price fell 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 could encounter resistance near the $0.5460 level. The first major resistance is around the $0.5500 level.
The next major resistance could be at USD 0.5550. A clear move above the USD 0.5550 resistance could send the price towards the USD 0.5600 resistance. Any further gains could send the price towards the near-term resistance at $0.5800 or even $0.5880. The next big hurdle could be $0.6000.
Another drop?
If XRP fails to break the USD 0.5500 resistance zone, it could trigger another decline. The initial downside support 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 could continue falling towards $0.5320 in the near term. The next major support is 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.
Credit : www.newsbtc.com
