XRP price is consolidating above the $0.5400 support. The price could start a fresh rally if there is a clear move above the $0.600 resistance.
- XRP is struggling to clear the $0.588 and $0.600 resistance levels.
- The price is now trading below $0.5920 and the 100 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair start a fresh rally if it clears the $0.588 and $0.600 resistance levels.
XRP Price Aims Higher
After a decent recovery wave, XRP price was able to settle above the $0.5640 pivot level. A base was formed near $0.5460, and the price started a consolidation phase, unlike Bitcoin and Ethereum.
There was a minor increase above the $0.570 resistance zone. However, the bears seem to be active near the $0.5880 resistance zone. It faced a rejection near the 50% Fib retracement level of the recent decline from the $0.6238 swing high to the $0.5545 low.
The price is now trading below $0.5920 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.588 zone.
The first key resistance is near $0.600. There is also a major bearish trend line forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair. The trend line is near the 61.8% Fib retracement level of the recent decline from the $0.6238 swing high to the $0.5545 low.
Source: XRPUSD on TradingView.com
A close above the $0.600 resistance zone could spark a strong increase. The next key resistance is near $0.625. If the bulls remain in action above the $0.625 resistance level, there could be a rally toward the $0.665 resistance. Any more gains might send the price toward the $0.700 resistance.
Downside Break?
If XRP fails to clear the $0.600 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.5450 zone.
The next major support is at $0.5220. If there is a downside break and a close below the $0.5220 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.4850 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5450, $0.5220, and $0.4850.
Major Resistance Levels – $0.5880, $0.600, and $0.6250.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Aayush Jindal
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