XRP Bulls Aim for Up-to-date Highs: Will They Break Through?

XRP price fell towards the $0.5550 level before the bulls came in. The price is currently consolidating and could aim for a modern high above $0.580.

The XRP price has entered a consolidation phase after falling towards the USD 0.5550 zone.
The price is currently trading below $0.580 and the 100-hour straightforward moving average.
The hourly chart of the XRP/USD pair shows a key downtrend line with resistance at $0.5720 (data source: Kraken).
The pair may try to form a rebound wave if it breaks through the resistance zone at USD 0.580.

XRP price starts consolidating

XRP price continued to decline below the $0.580 level, similar to Bitcoin and Ethereum. The price even tested the $0.5550 zone. The low was formed at $0.5538, and the price recently started an upward correction.

There was a move above the $0.5580 and $0.5620 levels. The price rose above the 50% Fibonacci retracement level of the downward move from the $0.60 high to the $0.5538 low. However, the bears remained vigorous and protected more upside above $0.5850.

The price is still trading below $0.580 and the 100-hour straightforward moving average. On the other hand, the price could face resistance near the $0.5720 level. A key bearish trendline is also forming on the hourly chart of the XRP/USD pair with resistance at $0.5720.

The first major resistance is near the $0.5885 level. This is near the 76.4% Fibonacci retracement level of the downward move from the $0.60 high to the $0.5538 low.

The next key resistance could be $0.60. A clear move above the $0.60 resistance could take the price towards the $0.6050 resistance. The next major resistance is near the $0.6160 level. Any further gains could take the price towards the $0.6250 or even $0.6320 resistance in the near future.

Another decline?

If XRP fails to break through the $0.5720 resistance zone, it could begin another decline. Initial support on the downside is near the $0.5640 level. The next major support is at the $0.5550 level.

If it breaks and closes below $0.5550, the price could continue to decline towards the $0.5320 support in the near future. The next major support is at $0.5120.

Technical indicators

Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for the XRP/USD pair is currently below the 50 level.

Major support levels – USD 0.5640 and USD 0.5550.

Major resistance levels – USD 0.5720 and USD 0.5885.