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Home»EXCHANGE NEWS»Will it explode soon?
EXCHANGE NEWS

Will it explode soon?

By Crypto FlexsMay 28, 20243 Mins Read
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Will it explode soon?
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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.

Source: XRPUSD on TradingView.com

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.

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