XRP price is consolidating above the $0.5080 support level. The price may accelerate if it breaks the resistance zone at $0.5450 in the near future.
- XRP price continues to consolidate above the $0.5080 support.
- The price is currently above $0.5250 and the 100-hour plain moving average.
- A key bearish trend line is forming on the hourly chart of the XRP/USD pair with resistance at $0.5450 (data source from Kraken).
- The pair could gain bullish momentum if it breaks through the $0.5450 and $0.5500 resistance levels.
XRP price eye recovery
XRP price extended its decline below the $0.5350 level, underperforming Bitcoin and Ethereum. The price even dropped well below the $0.5250 support zone.
The bottom was formed at USD 0.5070 and the price is currently consolidating losses. There was a slight move above the $0.5250 level. Recently, price tested the 23.6% Fib retracement level of the bearish wave from a high at $0.6640 to a low at $0.5070.
The price is currently above $0.5250 and the 100-hour plain moving average. On the other hand, the price may face resistance near the USD 0.5450 level. A key bearish trend line is also forming on the hourly chart of the XRP/USD pair with resistance at $0.5450.
The first major resistance is near the $0.5500 level. The next key resistance may be the USD 0.5650 level. A clear move above the $0.5650 resistance could push the price towards the $0.580 resistance. Any further upside could push the price towards the resistance at $0.6000 or even $0.6050 in the near future.
Another decline?
If XRP fails to break the resistance zone at $0.5450, another decline could begin. Initial downside support is near the $0.5300 level. The next crucial support is near the USD 0.5250 level.
If there is a downside breakout and a close below the $0.5250 level, the price may continue to fall towards the $0.5120 support in the near future. The next major support is located near the $0.5080 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major support levels – USD 0.5250 and USD 0.5120.
Major resistance levels – USD 0.5450 and USD 0.5500.
