The XRP price is stuck in a narrow range below the $0.550 level. The price needs to cross the USD 0.5450 and USD 0.5500 resistance levels to start a new increase.
- The XRP price is still stuck in a range above the $0.5080 support.
- The price is now trading near USD 0.5320 and the 100-hour Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $0.5340 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if it overcomes the $0.5360 and $0.5450 resistance levels.
XRP price looks set for a fresh rise
XRP price remained supported above the $0.5080 support level. The price started a consolidation phase above the USD 0.5120 level, unlike Bitcoin and Ethereum.
There was a small range increase and the price climbed above the USD 0.5250 resistance. There was a move above the USD 0.5320 level. However, the bears are active near the 50% Fib retracement level of the downward wave from the $0.5453 swing high to the $0.5211 low.
The price is now trading near USD 0.5320 and the 100-hour Simple Moving Average. If another rise occurs, the price may encounter resistance near the $0.5340 level. A connecting bearish trendline is also forming with resistance at $0.5340 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $0.5460 level or the 61.8% Fib retracement level of the downward wave from the $0.5453 swing high to the $0.5211 low. The next major resistance could be at USD 0.5550. A clear move above the USD 0.5550 resistance could send the price towards the USD 0.5800 resistance. Any further gains could send the price towards the near-term resistance at $0.6000 or even $0.6050. The next major hurdle could be $0.6250.
Another drop?
If XRP fails to break the USD 0.5360 resistance zone, it could trigger a fresh decline. The initial downside support is near the USD 0.5200 level. The next major support is near the $0.5165 level.
If there is a downside break and a close below the USD 0.5165 level, the price could continue to decline towards USD 0.5050 in the near term. The next major support is near the $0.5000 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – USD 0.5200 and USD 0.5165.
Major resistance levels – $0.5360 and $0.5450.