XRP price is consolidating below the $0.538 resistance. The price could start a fresh rally if it clears the $0.5380 and $0.5500 resistance levels.
- XRP is struggling to clear the $0.5350 and $0.5380 resistance levels.
- The price is now trading above $0.520 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support at $0.5170 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh rally if it clears the $0.5380 and $0.5500 resistance levels.
XRP Price Eyes Fresh Rally
In the past few days, XRP price recovered higher from the $0.4980 zone. There was a move above the $0.505 and $0.5120 resistance levels. However, the bears remained active near the $0.5380 resistance and protected more upsides, unlike Bitcoin and Ethereum.
The recent high was formed at $0.5375 before there was a downside correction. There was a move below the $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 key bullish trend line 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 key resistance is near $0.5380, above which the price could rise toward the $0.550 resistance. A close above the $0.550 resistance zone could spark a strong increase. The next key resistance is near $0.5850. If the bulls remain in action above the $0.5850 resistance level, there could be a rally toward the $0.600 resistance. Any more gains might send the price toward the $0.620 resistance.
Another Decline?
If XRP fails to clear the $0.5380 resistance zone, it could start another decline. Initial support on the downside is near the $0.518 zone and the trend line.
The next major support is at $0.5120. If there is a downside break and a close below the $0.5120 level, the price might accelerate lower. In the stated case, the price could retest the $0.480 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 50 level.
Major Support Levels – $0.517, $0.512, and $0.480.
Major Resistance Levels – $0.530, $0.538, and $0.550.
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.
