XRP price is consolidating below the $0.538 resistance. Clearing the $0.5380 and $0.5500 resistance levels could trigger a new rally for the price.
- XRP is struggling to clear the $0.5350 and $0.5380 resistance levels.
- The price is currently trading above $0.520 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the XRP/USD pair, there is a major bullish trendline forming around support at $0.5170 (data source from Kraken).
- A break above the $0.5380 and $0.5500 resistance levels could start a new rally.
XRP Price Eyes Fresh Rally
Over the past few days, the XRP price has recovered higher in the $0.4980 area. There was movement above the $0.505 and $0.5120 resistance levels. However, the bears, unlike Bitcoin or Ethereum, remained active near the $0.5380 resistance and protected further upside.
A recent high was made at $0.5375 before a downward correction. There was movement below the $0.5220 level. The price surged below the 50% Fib retracement level, rising from the $0.4980 swing low to the $0.5375 high.
Ripple’s token price is currently trading above $0.520 and the 100 simple moving average (4-hours). There is also a major bullish trendline with support at $0.5170 on the 4-hours chart of the XRP/USD pair. Meanwhile, immediate resistance is located near $0.5300.
Source: XRPUSD on TradingView.com
The first major resistance is near $0.5380, a break above which could lead to an advance towards the $0.550 resistance line. A break above the $0.550 resistance could trigger a strong rally. The next major resistance is near $0.5850. If the bulls continue to be active above the $0.5850 resistance, there could be a rally towards the $0.600 resistance. Any more profits could push the price towards the $0.620 resistance.
Another decline?
If XRP fails to clear the $0.5380 resistance area, another decline could begin. Initial support on the downside is near the $0.518 area and trendline.
The next major support is at $0.5120. A downward breakout and a close below the $0.5120 level could push the price lower. If indicated, the price could retest the $0.480 support zone.
technical indicators
4-Hour MACD – The MACD for XRP/USD is now losing speed in bearish territory.
4-Hour Relative Strength Index (RSI) – The RSI for XRP/USD is now close to the 50 level.
Key support levels – $0.517, $0.512, $0.480.
Key resistance levels – $0.530, $0.538, $0.550.
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