XRP price is consolidating above the $0.5080 support level. The price could rise if it crosses the $0.5450 resistance area in the near term.
- XRP price is still consolidating above the $0.5080 support level.
- The price is now trading above $0.5250 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance at $0.5450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain upward pace if it crosses the $0.5450 and $0.5500 resistance levels.
XRP price looks to recover
XRP price continued its decline below the $0.5350 level, lagging the performance of Bitcoin and Ethereum. The price even fell sharply below the $0.5250 support area.
The bottom was formed at $0.5070 and the price is now consolidating losses. There was a slight move above the $0.5250 level. Recently, the price tested the 23.6% Fibonacci retracement level of the downward wave from the high of $0.6640 to the low of $0.5070.
The price is now trading above $0.5250 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $0.5450 level. There is also a major bearish trend line forming with resistance at $0.5450 on the hourly chart of the XRP/USD pair.
The first major resistance is located near the $0.5500 level. The next major resistance could be $0.5650. A clear move above the $0.5650 resistance could send the price towards the $0.580 resistance. Any further gains may push the price towards the $0.6000 resistance level or even $0.6050 in the near term.
Another retreat?
If XRP fails to cross the $0.5450 resistance area, it could start another decline. Initial support on the downside is near the $0.5300 level. The next major support is near the $0.5250 level.
If there is a downward breakout and close below the $0.5250 level, the price may continue to fall towards the $0.5120 support level in the near term. The next major support is near the $0.5080 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.5250 and $0.5120.
Key resistance levels – $0.5450 and $0.5500.