XRP price is consolidating above the $0.5080 support level. The price could gain strength if it breaks the USD 0.5450 resistance zone in the near term.
- XRP price is still consolidating above the $0.5080 support.
- The price is now trading above USD 0.5250 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $0.5450 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could turn bullish if it overcomes the USD 0.5450 and USD 0.5500 resistance levels.
XRP Price Eyes Recovery
The XRP price extended its decline below the $0.5350 level, underperforming Bitcoin and Ethereum. The price even fell heavily below the USD 0.5250 support zone.
A low was formed at $0.5070 and the price is now consolidating losses. There was a small move above the USD 0.5250 level. Recently, the price tested the 23.6% Fib retracement level of the downward wave from the $0.6640 swing high to the $0.5070 low.
The price is now trading above USD 0.5250 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the $0.5450 level. There is also a major bearish trendline forming with resistance at $0.5450 on the hourly chart of the XRP/USD pair.
The first major resistance is around the $0.5500 level. The next major resistance could be at $0.5650. A clear move above the USD 0.5650 resistance could send the price towards the USD 0.580 resistance. Any further gains could send the price towards the near-term resistance at $0.6000 or even $0.6050.
Another drop?
If XRP fails to break the USD 0.5450 resistance zone, it could trigger another decline. The initial downside support is near the $0.5300 level. The next major support is near the $0.5250 level.
If there is a downside break and a close below the USD 0.5250 level, the price could continue falling towards USD 0.5120 in the near term. The next major support is near the $0.5080 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 – $0.5250 and $0.5120.
Major resistance levels – $0.5450 and $0.5500.
