The XRP price is struggling to overcome the resistance at $0.5550. It needs to stay above the $0.5250 support zone to attempt a resurgence in the near future.

• XRP price is consolidating above the $0.5320 zone.
• The price is currently below $0.5500 and the 100-hour straightforward moving average.
• On the hourly chart, the XRP/USD pair broke below the converging bullish trend line with support at $0.5500 (Kraken data source).
• The pair could gain bullish momentum if it breaks through the $0.5550 and $0.5580 resistance levels.

XRP price transactions within a certain range

XRP price remained stable above the $0.5320 support zone. It started off with a decent rally above the $0.550 level, but bears were vigorous near the $0.5600 resistance zone.

A high was formed at $0.5600 before the price began to decline, similar to Bitcoin and Ethereum. There was a decline below the $0.5550 and $0.550 levels. Additionally, there was a break below the converging bullish trendline with support at $0.5500 on the hourly chart of the XRP/USD pair.

The price fell below the 50% Fib retracement level in an upward move from a low of $0.5375 to a high of $0.5600. The price is currently below $0.5460 and the 100-hour straightforward moving average.

Bulls are currently protecting the 76.4% Fib retracement level in an upward move from a low of $0.5375 to a high of $0.5600. On the other hand, the price may face resistance near the USD 0.5460 level. The first major resistance is near the $0.5500 level.

The next key resistance may be the USD 0.5550 level. A clear move above the $0.5550 resistance could push the price towards the $0.5600 resistance. Any further upside could push the price towards the resistance at $0.5800 or even $0.5880 in the near future. The next major hurdle could be the $0.6000 price tag.

Another drop?

If XRP fails to break the resistance zone at $0.5500, another decline could begin. Initial downside support is near the $0.5420 level. The next critical support is near the USD 0.5365 level.

If there is a downside breakout and a close below the $0.5365 level, the price may continue to fall towards the $0.5320 support in the near future. The next major support is located near the $0.5250 zone.

Technical indicators

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

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

Major support levels – USD 0.5420 and USD 0.5365.

Major resistance levels – USD 0.5500 and USD 0.5550.