The XRP price is stuck in a compact range below the $0.550 level. The price needs to clear the $0.5450 and $0.5500 resistance levels to start a novel rally.
- XRP price is still stuck in a range above the $0.5080 support.
- The price is currently trading near $0.5320 and the 100-hour elementary moving average.
- A connecting bearish trend line is forming on the hourly chart of the XRP/USD pair with resistance at $0.5340 (data source from Kraken).
- The pair could gain bullish momentum if it breaks through the $0.5360 and $0.5450 resistance levels.
XRP price is seeing a fresh surge
XRP price remained supported above the $0.5080 support level. The price has started a consolidation phase above the USD 0.5120 level, unlike Bitcoin and Ethereum.
There was a slight uptick in a certain range and the price rose above the resistance at $0.5250. There was a move above the $0.5320 level. However, bears are energetic near the 50% Fib retracement level of the bearish wave from the high at $0.5453 to the low at $0.5211.
The price is currently trading near $0.5320 and the 100-hour elementary moving average. If another rally occurs, the price may face resistance near the $0.5340 level. A converging bearish trend line is also forming on the hourly chart of the XRP/USD pair with resistance at $0.5340.
The first major resistance is located near the $0.5460 level or the 61.8% Fib retracement level of the downward wave from the high of $0.5453 to the low of $0.5211. The next key resistance could be the USD 0.5550 level. A clear move above the $0.5550 resistance could push the price towards the $0.5800 resistance. Any further upside could push the price towards the resistance at $0.6000 or even $0.6050 in the near future. The next major hurdle could be the price of $0.6250.
Another decline?
If XRP fails to break the resistance zone at $0.5360, another decline could begin. Initial downside support is near the $0.5200 level. The next crucial support is near the USD 0.5165 level.
If there is a downside breakout and a close below the $0.5165 level, the price may continue to fall towards the $0.5050 support in the near future. The next major support is located near the $0.5000 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 0.5200 and USD 0.5165.
Major resistance levels – USD 0.5360 and USD 0.5450.
