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Home»Analysis»XRP Price Remains Within Range: Can It Escape Consolidation?
Analysis

XRP Price Remains Within Range: Can It Escape Consolidation?

2024-09-25No Comments2 Mins Read
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XRP price is still consolidating above the $0.5785 support. The price needs to overcome the USD 0.5950 and USD 0.6050 resistance levels to gain bullish momentum.

  • The XRP price is still trading below the USD 0.600 resistance zone.
  • The price is now trading above $0.590 and the 100-hourly Simple Moving Average.
  • There was a break above a major bearish trendline with resistance at $0.5865 on the hourly chart of the XRP/USD pair (Kraken data source).
  • The pair could gain bullish momentum if it overcomes the $0.5950 and $0.6050 resistance levels.

XRP Price Eyes Upside Breakout

XRP price remained stable above the USD 0.5780 level and started a decent upward move, just like Bitcoin and Ethereum. The price was able to climb above the USD 0.5850 and USD 0.5880 resistance levels.

There was a break above a major bearish trendline with resistance at $0.5865 on the hourly chart of the XRP/USD pair. The pair climbed above $0.5920, testing the 50% Fib retracement level of the downward move from the $0.6123 swing high to the $0.5784 low.

The price is now trading above $0.590 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 0.5950 level. The first major resistance is around the $0.600 level. The next major resistance could be $0.6050, or the 76.4% Fib retracement level of the downward move from the $0.6123 swing high to the $0.5784 low.

XRP price

A clear move above the resistance at $0.6050 could send the price towards the resistance at $0.6120. Any further gains could send the price towards the near-term resistance at $0.6250 or even $0.6320.

See also  Projecting the impact on LINK's price after unlocking 21 million tokens

Another drop?

If XRP fails to break the USD 0.5950 resistance zone, it could trigger another decline. The initial downside support is near the $0.5865 level. The next major support is near the $0.5785 level.

If there is a downside break and a close below the $0.5785 level, the price could continue to decline towards $0.5665 in the near term. The next major support is at $0.5500.

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 – $0.5865 and $0.5785.

Major resistance levels – $0.5950 and $0.6050.

Source link

Consolidation Escape Price Range Remains XRP
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