XRP Price Consolidates, Gearing Up for Its Next Major Breakout

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.

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.