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Home»EXCHANGE NEWS»XRP Price Rises in a Range: ​Ready for a Breakout?
EXCHANGE NEWS

XRP Price Rises in a Range: ​Ready for a Breakout?

By Crypto FlexsMay 21, 20243 Mins Read
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XRP Price Rises in a Range: ​Ready for a Breakout?
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XRP price avoided a major downturn due to the surge in ETH. The price has recovered above $0.5220 and is eyeing a significant upside reversal in the near term.

  • XRP started a significant rise above the $0.5150 resistance zone.
  • The price is currently trading above $0.5250 and the 100-hour simple moving average.
  • On the hourly chart of the XRP/USD pair (data source from Kraken), a breakout occurred above the main bearish trendline with resistance at $0.520.
  • The pair may correct gains but the bulls may remain active near the $0.5180 area.

XRP price recovery

After falling to the $0.5065 support level, XRP price began a recovery. Recently, Ethereum has risen more than 20% and Bitcoin has surpassed $70,000. This triggered a significant bullish move in XRP.

The price broke above the $0.5150 and $0.520 resistance levels. On the hourly chart of the XRP/USD pair, a breakout occurred above the main bearish trendline with resistance at $0.520. The pair broke the resistance level of $0.5320 and traded as high as $0.5386.

The price is currently correcting to the upside and could test the 23.6% Fib retracement level of the uptrend from the $0.5064 swing low to the $0.5386 high.

It is currently trading above $0.5250 and the 100-hour simple moving average. Immediate resistance is near the $0.5380 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 $0.5550.

Source: XRPUSD on TradingView.com

If the bulls push the price above the $0.5550 resistance, there could be a fresh move towards the $0.5650 resistance. Any more profits could push the price towards the $0.5720 resistance.

Another decline?

If XRP fails to clear the $0.5380 resistance area, a downward correction could begin. Initial support for the downside is near the $0.5310 level. The next major support is at $0.5250.

Key support is currently near $0.5220 or the 50% Fib retracement level of the upward wave from the $0.5064 swing low to the $0.5386 high. A downward breakout and a close below the $0.5220 level could push the price lower. If indicated, the price may move lower to test the $0.5065 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 – $0.5310 and $0.5220.

Key resistance levels – $0.5380 and $0.5420.

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