XRP price has struggled to continue rising above the $0.540 resistance level. It is currently consolidating near $0.5320 and could target a bullish reversal.
- XRP still faces many hurdles near the $0.5420 region.
- The price is currently trading near $0.5320 and the 100-hourly simple moving average.
- On the hourly chart of the XRP/USD pair, there is a bullish trendline connecting with support near $0.5265 (data source from Kraken).
- If the bulls remain active above the $0.5220 area, the pair could start a fresh increase.
XRP price maintains support
Over the past few sessions, XRP price has been trading in positive territory like Bitcoin and Ethereum. However, the bears remained active near the $0.540 and $0.5420 resistance levels.
A recent high was formed at $0.5405 and the price is currently correcting an upward trend in a certain range. There was a move below the $0.5340 support and the price surged below the 50% Fib retracement level rising from the $0.5234 swing low to the $0.5405 high.
However, the bulls are active near the $0.530 area and there is a 61.8% Fib retracement level rising from the $0.5234 swing low to the $0.5405 high. On the hourly chart of the XRP/USD pair, there is also a connecting bullish trend line forming with support near $0.5265.
The pair is currently trading near $0.5320 and the 100-hourly simple moving average. Immediate resistance is near the $0.5365 level. The first major resistance is near $0.5420. A break above the $0.5420 resistance could push the price higher. The next major resistance is near $0.5450.
If the price closes above the $0.5450 resistance line, there could be a steady rise towards the $0.5550 resistance line. Any more profits could push the price towards the $0.5720 resistance.
Are there any more drawbacks?
If XRP fails to clear the $0.5420 resistance area, it may continue to decline. Initial support for the downside is near the $0.5265 level and trendline.
The next major support is at $0.520. If a downtrend emerges and closes below the $0.520 level, the price may gain bearish momentum. If indicated, the price may decline and retest the $0.5120 support in the near term.
technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.5300 and $0.5200.
Key resistance levels – $0.5365 and $0.5420.