XRP price is consolidating above the $0.5400 support. The price could start a fresh rally if there is a clear move above the $0.600 resistance.
- XRP is struggling to clear the $0.588 and $0.600 resistance levels.
- The price is now trading below $0.5920 and the 100 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair start a fresh rally if it clears the $0.588 and $0.600 resistance levels.
XRP Price Aims Higher
After a decent recovery wave, XRP price was able to settle above the $0.5640 pivot level. A base was formed near $0.5460, and the price started a consolidation phase, unlike Bitcoin and Ethereum.
There was a minor increase above the $0.570 resistance zone. However, the bears seem to be active near the $0.5880 resistance zone. It faced a rejection near the 50% Fib retracement level of the recent decline from the $0.6238 swing high to the $0.5545 low.
The price is now trading below $0.5920 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.588 zone.
The first key resistance is near $0.600. There is also a major bearish trend line forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair. The trend line is near the 61.8% Fib retracement level of the recent decline from the $0.6238 swing high to the $0.5545 low.
Source: XRPUSD on TradingView.com
A close above the $0.600 resistance zone could spark a strong increase. The next key resistance is near $0.625. If the bulls remain in action above the $0.625 resistance level, there could be a rally toward the $0.665 resistance. Any more gains might send the price toward the $0.700 resistance.
Downside Break?
If XRP fails to clear the $0.600 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.5450 zone.
The next major support is at $0.5220. If there is a downside break and a close below the $0.5220 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.4850 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5450, $0.5220, and $0.4850.
Major Resistance Levels – $0.5880, $0.600, and $0.6250.
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