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Home»EXCHANGE NEWS»XRP price is consolidating and preparing for the next major breakout.
EXCHANGE NEWS

XRP price is consolidating and preparing for the next major breakout.

By Crypto FlexsMay 24, 20242 Mins Read
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XRP price is consolidating and preparing for the next major breakout.
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XRP price extended its decline below the $0.520 support level. The price is currently trading within a range and is eyeing an upward breakout above the $0.5320 resistance.

  • XRP extended its losses and fell below the $0.5120 support.
  • The price is currently trading above $0.5250 and the 100-hour simple moving average.
  • On the hourly chart of the XRP/USD pair, there is a major bearish trendline forming at resistance $0.5325 (data source from Kraken).
  • A breakout of the $0.5365 resistance area could provide bullish momentum.

XRP price remains stable.

In the last two sessions, the price of XRP has steadily declined below the $0.5320 level. There have been several swing moves like Bitcoin and Ethereum. The price surged below the $0.5120 support area.

The low was formed at $0.5028 and the price is currently correcting losses. There was movement above the $0.5200 and $0.5250 resistance levels. The price broke above the 50% Fib retracement level moving down from the $0.5477 swing high to the $0.5028 low.

The price again rose above $0.5250 and the 100-hourly simple moving average. Immediate resistance is near the $0.5320 level. The hourly chart of the XRP/USD pair also has a major bearish trendline forming with resistance at $0.5325.

The first major resistance is the 76.4% Fib retracement level near $0.5365 or a downside move from the $0.5477 swing high to the $0.5028 low. A break above the $0.5365 resistance could push the price higher.

Source: XRPUSD on TradingView.com

The next major resistance is near $0.5480. If the bulls push the price above the $0.5480 resistance, there could be a steady rise towards the $0.5570 resistance. Any more profits could push the price towards the $0.5800 resistance.

Another decline?

If XRP fails to clear the $0.5320 resistance area, another decline within the range could begin. Initial support on the downside is near the $0.5250 level and the 100-hourly SMA.

The next major support is at $0.5140. If a downtrend emerges and closes below the $0.5140 level, the price may gain bearish momentum. If indicated, the price may decline and retest the $0.5030 support in the near term.

technical indicators

Hourly MACD – The MACD for XRP/USD is now picking up speed in bullish territory.

Hourly Relative Strength Index (RSI) – The RSI for XRP/USD is now above the 50 level.

Key support levels – $0.5250 and $0.5140.

Key resistance levels – $0.5320 and $0.5365.

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