XRP price is consolidating below the resistance at $0.538. The price could start a new rally if it crosses the USD 0.5380 and USD 0.5500 resistance levels.
- XRP is struggling to break the USD 0.5350 and USD 0.5380 resistance levels.
- The price is now trading above USD 0.520 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support at $0.5170 on the 4-hour chart of the XRP/USD pair (Kraken data source).
- The pair could start a new rally if it overcomes the $0.5380 and $0.5500 resistance levels.
XRP Price Eyes Fresh Rally
In recent days, XRP price rebounded higher from the $0.4980 zone. There was a move above the USD 0.505 and USD 0.5120 resistance levels. However, the bears remained active near the USD 0.5380 resistance and protected more upside, unlike Bitcoin and Ethereum.
The recent high was formed at $0.5375 before a downward correction took place. There was a move below the USD 0.5220 level. The price even spiked below the 50% Fib retracement level of the upward move from the $0.4980 swing low to the $0.5375 high.
Ripple’s token price is now trading above $0.520 and the 100 simple moving average (4 hours). There is also a major bullish trendline forming with support at $0.5170 on the 4-hour chart of the XRP/USD pair. On the upside, immediate resistance is near the $0.5300 zone.
Source: XRPUSD on TradingView.com
The first major resistance is near USD 0.5380, above which the price could rise towards the USD 0.550 resistance. A close above the USD 0.550 resistance zone could lead to a strong rise. The next major resistance is near $0.5850. If the bulls continue to act above the USD 0.5850 resistance level, a rally towards the USD 0.600 resistance could take place. Any further gains could send the price towards the USD 0.620 resistance.
Another drop?
If XRP fails to break the USD 0.5380 resistance zone, it could trigger another decline. The initial downside support is near the $0.518 zone and the trendline.
The next major support is $0.5120. If there is a downside break and a close below the USD 0.5120 level, the price could accelerate lower. In the said case, the price could retest the USD 0.480 support zone.
Technical indicators
4-hour MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now close to the 50 level.
Major support levels – $0.517, $0.512 and $0.480.
Major resistance levels – $0.530, $0.538 and $0.550.
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