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Home»EXCHANGE NEWS»Will the XRP price upward trend continue? This may be a factor to note
EXCHANGE NEWS

Will the XRP price upward trend continue? This may be a factor to note

By Crypto FlexsJanuary 17, 20243 Mins Read
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Will the XRP price upward trend continue?  This may be a factor to note
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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.

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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