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Home»EXCHANGE NEWS»Is a new rally just around the corner?
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Is a new rally just around the corner?

By Crypto FlexsFebruary 14, 20243 Mins Read
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Is a new rally just around the corner?
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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.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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