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    XRP Price Consolidates, Gearing Up for Its Next Major Breakout

    msmarkBy No Comments3 Mins Read
    XRP Price Consolidates, Gearing Up for Its Next Major Breakout

    XRP price extended its decline below the $0.520 support. The price is now trading in a range and eyeing an upside break above the $0.5320 resistance.

    • XRP extended losses and declined below the $0.5120 support.
    • The price is now trading above $0.5250 and the 100-hourly Simple Moving Average.
    • There is a key bearish trend line forming with resistance at $0.5325 on the hourly chart of the XRP/USD pair (data source from Kraken).
    • The pair could gain bullish momentum if it clears the $0.5365 resistance zone.

    XRP Price Holds Ground

    In the past two sessions, XRP price saw a steady decline below the $0.5320 level. There were a few swing moves like Bitcoin and Ethereum. The price even spiked below the $0.5120 support zone.

    A low was formed at $0.5028 and the price is now correcting losses. There was a move above the $0.5200 and $0.5250 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $0.5477 swing high to the $0.5028 low.

    The price is back above $0.5250 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.5320 level. There is also a key bearish trend line forming with resistance at $0.5325 on the hourly chart of the XRP/USD pair.

    The first key resistance is near $0.5365 or the 76.4% Fib retracement level of the downward move from the $0.5477 swing high to the $0.5028 low. A close above the $0.5365 resistance zone could send the price higher.

    Source: XRPUSD on TradingView.com

    The next key resistance is near $0.5480. If the bulls push the price above the $0.5480 resistance level, there could be a steady increase toward the $0.5570 resistance. Any more gains might send the price toward the $0.5800 resistance.

    Another Decline?

    If XRP fails to clear the $0.5320 resistance zone, it could start another decline within the range. 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 there is a downside break and a close below the $0.5140 level, the price might gain bearish momentum. In the stated case, the price could decline and retest the $0.5030 support in the near term.

    Technical Indicators

    Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

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

    Major Support Levels – $0.5250 and $0.5140.

    Major Resistance Levels – $0.5320 and $0.5365.

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