XRP Price Gains Fade Once Again: Will Support Hold?
XRP price gained pace for a move above the $0.5500 support zone. The price rallied toward $0.5780 resistance and then quickly faded most gains.
- XRP price is losing pace above the $0.5500 zone.
- The price is now trading above $0.5320 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $0.5360 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase if it stays above the $0.5250 support zone.
XRP Price Eyes More Upsides
XRP price remained supported above the $0.5150 level. It formed a base and started a fresh increase above $0.5250 like Bitcoin and Ethereum . There was a move above the $0.5350 and $0.5500 resistance levels.
The bulls even pushed the price above the $0.5650 level before the bears appeared. A high is formed at $0.5758 and the price is correcting gains. There was a move below the $0.5650 support. It dipped below the 23.6% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5758 high.
The price is now trading above $0.5320 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.5360 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5758 high.
On the upside, the price might face resistance near the $0.5600 level. The first major resistance is near the $0.5650 level. The next key resistance could be $0.5780. A clear move above the $0.5780 resistance might send the price toward the $0.5880 resistance.
Source: XRPUSD on TradingView.comAny more gains might send the price toward the $0.5920 resistance or even $0.6000 in the near term. The next major hurdle might be $0.6200.
More Losses?
If XRP fails to clear the $0.5650 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5450 level. The next major support is near the $0.5360 level and the trend line.
If there is a downside break and a close below the $0.5360 level, the price might continue to decline toward the $0.5250 support in the near term. The next major support sits near the $0.5120 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 below the 50 level.
Major Support Levels – $0.5450 and $0.5360.
Major Resistance Levels – $0.5600 and $0.5650.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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