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Home»EXCHANGE NEWS»XRP price faces obstacles: can it overcome them?
EXCHANGE NEWS

XRP price faces obstacles: can it overcome them?

By Crypto FlexsJune 6, 20243 Mins Read
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XRP price faces obstacles: can it overcome them?
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XRP price is slowly rising above the $0.5200 area. It currently faces a hurdle near $0.5320 and may move lower in the near future.

  • XRP is attempting a fresh increase above the $0.5250 area.
  • The price is currently trading above $0.5220 and the 100-hour simple moving average.
  • On the hourly chart of the XRP/USD pair (data source from Kraken), a break has occurred below the main bullish trendline with support at $0.5260.
  • The pair may correct downwards towards the $0.5220 support before the bulls reappear.

XRP price upward traction

XRP price was well supported above the $0.5120 area and extended gains like Bitcoin and Ethereum. The price was able to clear the $0.5200 and $0.5250 levels.

There was a clear move above the $0.5300 resistance and the price tested the $0.5320 area. A high was formed at $0.5325 and the price is currently correcting to the upside. It traded below the 23.6% Fib retracement level, rising from the $0.5080 swing low to the $0.5325 high.

Additionally, on the hourly chart of the XRP/USD pair, a break occurred below the main bullish trendline with support at $0.5260. The pair is currently trading above $0.5220 and the 100-hour simple moving average.

On the other hand, the price is finding resistance near $0.5200. The first major resistance is near $0.5320. The next major resistance is near the $0.5350 level. A break above the $0.5350 resistance could push the price higher. The next major resistance is near $0.550.

If the price closes above the $0.550 resistance line, there could be a steady rise towards the $0.5560 resistance line. Any more profits could push the price towards the $0.5650 resistance.

Are there more losses?

If XRP fails to clear the $0.5350 resistance area, it may continue to decline. Initial support for the downside is near the $0.5260 level.

The next major support is the 50% Fib retracement level at $0.5200 or the rise from the $0.5080 swing low to the $0.5325 high. A downward breakout and a close below the $0.520 level could push the price lower. 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 below the 50 level.

Key support levels – $0.5260 and $0.5220.

Key resistance levels – $0.5300 and $0.5320.

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