The price of XRP is having difficulty breaking through the $0.5550 resistance. It needs to maintain a position above the $0.5250 support area to make an attempt at a new upward movement soon.
- XRP price is currently holding steady above the $0.5320 level.
- The price is trading below $0.5500 and also below the 100-hour Simple Moving Average.
- A breakdown occurred beneath a connecting bullish trend line with support at $0.5500 on the XRP/USD hourly chart (data sourced from Kraken).
- If the pair surpasses the $0.5550 and $0.5580 resistance points, it could gain bullish momentum.
Range Trading for XRP Price
The XRP price has remained consistent above the $0.5320 support level. It initiated a reasonable uptrend above the $0.550 mark, but selling pressure emerged close to the $0.5600 resistance area.
A peak was reached at $0.5600 prior to a downward trend similar to that seen in Bitcoin and Ethereum. The price dropped below both the $0.5550 and $0.550 thresholds. Additionally, a breakdown beneath a connecting bullish trend line with support at $0.5500 was observed on the hourly chart for the XRP/USD pair.
The price fell below the 50% Fib retracement level of the upward movement from the $0.5375 swing low to the $0.5600 high. It is now trading beneath $0.5460 and the 100-hour Simple Moving Average.
Bulls are currently defending 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 may encounter resistance near the $0.5460 level, while the first major resistance appears around the $0.5500 mark.
The next significant resistance might be found at $0.5550. If a clear breakout above the $0.5550 resistance occurs, the price could approach the $0.5600 resistance. Continued upward movement might drive the price towards the $0.5800 resistance or even $0.5880 shortly. The following major barrier could be at $0.6000.
Potential for Another Decline?
Should XRP fail to break through the $0.5500 resistance zone, it may initiate a further decline. The initial downside support is around the $0.5420 level, with the next major support close to the $0.5365 level.
If there is a downside breach and a closure below the $0.5365 level, the price could continue its descent toward the $0.5320 support in the near future. The next significant support lies around the $0.5250 area.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently decelerating within the bullish range.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now positioned below the 50 line.
Major Support Levels – $0.5420 and $0.5365.
Major Resistance Levels – $0.5500 and $0.5550.
