XRP price is consolidating above the $0.5400 support. A clear move above the $0.600 resistance could trigger a new rally for the price.
- XRP is struggling to clear the $0.588 and $0.600 resistance levels.
- The price is currently trading below $0.5920 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the XRP/USD pair, there is a major bearish trendline forming with resistance near $0.600 (data source from Kraken).
- Clearing the $0.588 and $0.600 resistance levels will initiate a new rally for the pair.
XRP Price Aims Higher
After a significant recovery, XRP price was able to stabilize above the $0.5640 pivot level. A base was formed around $0.5460, and unlike Bitcoin or Ethereum, the price began a consolidation phase.
There was a slight increase above the $0.570 resistance zone. However, the bears appear to be active near the $0.5880 resistance zone. It faced rejection near the 50% Fib retracement level following the recent decline from the $0.6238 swing high to the $0.5545 low.
The price is currently trading below $0.5920 and the 100 simple moving average (4-hours). On the positive side, immediate resistance is near the $0.588 area.
The first major resistance is near $0.600. There is also a major bearish trend line forming with resistance near $0.600 on the 4-hours chart of the XRP/USD pair. The trend line is near the 61.8% Fib retracement level of the recent decline from the $0.6238 swing high to the $0.5545 low.
Source: XRPUSD on TradingView.com
A break above the $0.600 resistance could trigger a strong rally. The next major resistance is near $0.625. If the bulls continue to be active above the $0.625 resistance, there could be a rally towards the $0.665 resistance. Any more profits could push the price towards the $0.700 resistance.
Disadvantage brakes?
If XRP fails to clear the $0.600 resistance area, a new decline could begin. Initial support on the downside is near the $0.5450 area.
The next major support is at $0.5220. A bearish trend and a close below the $0.5220 level could push the XRP price lower. If indicated, the price may retest the $0.4850 support area.
technical indicators
4-Hour MACD – The MACD for XRP/USD is now losing speed in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $0.5450, $0.5220 and $0.4850.
Key resistance levels – $0.5880, $0.600, $0.6250.
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Source: NewsBTC.com