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Home»EXCHANGE NEWS»Is XRP price ready to breakout? Price Action Points for Potential Spikes
EXCHANGE NEWS

Is XRP price ready to breakout? Price Action Points for Potential Spikes

By Crypto FlexsMay 18, 20242 Mins Read
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Is XRP price ready to breakout?  Price Action Points for Potential Spikes
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XRP price shows positive signs above the $0.5100 resistance level. A break above the $0.520 and $0.5220 resistance levels could see the price gain bullish momentum.

  • XRP is expecting a fresh rise above the $0.520 level.
  • The price is currently trading above $0.510 and the 100-hour simple moving average.
  • On the hourly chart of the XRP/USD pair, there is another short-term downward channel with resistance forming at $0.520 (data source from Kraken).
  • If the price closes above the $0.520 resistance line, the pair could begin another rally.

XRP price sees further gains

After a steady rise, XRP price faced resistance near $0.520. Recently, there have been minor downward adjustments in Bitcoin and Ethereum. The price fell below the $0.5180 level.

It moved below the 23.6% Fib retracement level of the bullish wave from the $0.4980 swing low to the $0.5225 high. However, the bulls are active near the $0.5140 area. The price is still trading above $0.510 and the 100-hour simple moving average.

Immediate resistance is near the $0.5195 level. The first major resistance is near $0.520. Additionally, on the hourly chart of the XRP/USD pair, there is a short-term downward channel forming with resistance at $0.520.

Source: XRPUSD on TradingView.com

A break above the $0.520 resistance could push the price higher. The next major resistance is near $0.5220. If the bulls push the price above the $0.5220 resistance, there could be a fresh move towards the $0.5350 resistance. Any more profits could push the price towards the $0.550 resistance.

Are there more losses?

If XRP fails to clear the $0.520 resistance area, it could slowly decline. Initial support for the downside is near the $0.5150 level. The next major support is at $0.5120.

Key support is currently near $0.510 and the 50% Fib retracement level of the uptrend from $0.4980 to $0.5225 has risen from the low. A downward breakout and a close below the $0.510 level could push the price lower. If indicated, the price may move lower to test the $0.4980 support in the near term.

technical indicators

Hourly MACD – The MACD for XRP/USD is now picking up speed in bullish territory.

Hourly Relative Strength Index (RSI) – The RSI for XRP/USD is now above the 50 level.

Key support levels – $0.5120 and $0.5100.

Key resistance levels – $0.5200 and $0.5220.

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