XRP price is still struggling to clear the $0.5550 zone. The price must settle above the $0.5550 resistance to start a steady increase in the near term.
- XRP price is consolidating above the $0.5320 zone.
- The price is now trading above $0.5400 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $0.5435 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.550 and $0.5550 resistance levels.
XRP Price Holds Support
XRP price made another attempt to clear the $0.5550 resistance zone. However, the bears remained active below $0.5550 and there was no upside break. The price corrected some gains like Bitcoin and Ethereum.
There was a move below the $0.5500 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.5377 swing low to the $0.5537 high. However, the bulls are active and protecting more losses below $0.540.
The price is now trading above $0.540 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.5435 on the hourly chart of the XRP/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $0.5377 swing low to the $0.5537 high.
On the upside, the price might face resistance near the $0.5500 level. The first major resistance is near the $0.5520 level. The next key resistance could be $0.5550. A clear move above the $0.5550 resistance might send the price toward the $0.5650 resistance. Any more gains might send the price toward the $0.5840 resistance or even $0.5880 in the near term. The next major hurdle might be $0.6000.
Another Drop?
If XRP fails to clear the $0.5550 resistance zone, it could start another decline. Initial support on the downside is near the $0.540 level and the trend line. The next major support is near the $0.5350 level.
If there is a downside break and a close below the $0.5350 level, the price might continue to decline toward the $0.5265 support in the near term. The next major support sits near the $0.5180 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5400 and $0.5350.
Major Resistance Levels – $0.5500 and $0.5550.
Source: NewsBTC.com
