XRP price is stuck in a small range below the $0.550 level. The price needs to break through the $0.5450 and $0.5500 resistance levels to initiate further upside.
- XRP price is still stuck in a range above the $0.5080 support.
- The price is now trading near $0.5320 and the 100 hourly simple moving average.
- There is a connected downtrend line with resistance at $0.5340 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it breaches the $0.5360 and $0.5450 resistance levels.
XRP price eyes further rise
XRP price remained supported above the $0.5080 support level. The price has started a consolidation phase above the $0.5120 level, unlike Bitcoin and Ethereum.
There was a slight increase in a range and the price climbed above the resistance at $0.5250. There was a move above the $0.5320 level. However, the bears are active near the 50% Fibonacci retracement level of the bearish wave from the $0.5453 high to $0.5211 low.
The price is now trading near $0.5320 and the 100 hourly simple moving average. If there is another increase, the price could face resistance near the $0.5340 level. There is also a downtrend line forming with resistance at $0.5340 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $0.5460 level or the 61.8% Fibonacci retracement level of the bearish wave from the $0.5453 high to $0.5211 low. The next key resistance could be $0.5550. A sharp move above the $0.5550 resistance could send the price towards the $0.5800 resistance. Any further gains could push the price towards the $0.6000 resistance or even $0.6050 in the near term. The next major hurdle could be $0.6250.
Another decline?
If XRP fails to break above the $0.5360 resistance zone, it could begin a further decline. Initial support on the downside is near the $0.5200 level. The next major support is near the $0.5165 level.
If there is a downside breakout and close below the $0.5165 level, the price may continue to decline towards the $0.5050 support in the near term. The next major support lies near the $0.5000 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now accelerating into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.5200 and $0.5165.
Major resistance levels – $0.5360 and $0.5450.
