XRP Price Battles Resistance: Can It Break Through to Higher Ground?
XRP Price Faces Resistance: Will It Surge Higher?
\n
XRP is on the move, climbing above the $0.5350 support level. The price recently tested the $0.5550 resistance, encountering some pushback. XRP is now attempting to break through the $0.540 zone, trading above $0.5420 and the 100-hour Simple Moving Average.
\n
A key bullish trend line has emerged, providing support at $0.5400 on the hourly chart of the XRP/USD pair (data source from Kraken). However, if XRP fails to hold above the $0.540 support zone, it could see a significant correction.
\n
XRP Revisits Resistance
\n
XRP has maintained a stable position above the $0.5320 support level. Following the formation of a base, the price initiated a fresh surge above $0.5400, mirroring the movements of Bitcoin and Ethereum. The price surged past the $0.5450 and $0.550 resistance levels.
\n
However, the bears are making their presence felt near the key range resistance at $0.5550. A high was established at $0.5550, and the price is currently experiencing a retracement. This pullback has resulted in a dip below the $0.550 level, even dipping below the 23.6% Fib retracement level of the upward move from the $0.5252 swing low to the $0.5550 high.
\n
Despite the correction, the price remains above $0.540 and the 100-hour Simple Moving Average. The bullish trend line with support at $0.5400 remains intact on the hourly chart of the XRP/USD pair.
\n
Looking Ahead: Resistance Levels and Potential Upside
\n
On the upside, XRP could face resistance near the $0.5540 level. The first major resistance is near the $0.5550 level. The next key resistance could be $0.5650. A decisive breakout above the $0.5650 resistance could propel the price towards the $0.5800 resistance level.
\n
Further gains might send the price towards the $0.5880 resistance or even $0.600 in the short term. The next major hurdle could be $0.6120, where the bears might re-emerge.
\n
Could Another Decline Be in Store?
\n
If XRP fails to break through the $0.5550 resistance zone, another decline could ensue. Initial support on the downside is near the $0.5440 level and the trend line. The next major support is near the $0.5400 level or the 50% Fib retracement level of the upward move from the $0.5252 swing low to the $0.5550 high.
\n
If the price experiences a downside break and closes below the $0.5400 level, it could continue to decline towards the $0.5320 support in the short term. The next major support sits near the $0.5220 zone.
\n
Technical Indicators
\n
Hourly MACD: The MACD for XRP/USD is now losing momentum in the bullish zone.
\n
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is currently above the 50 level.
\n
Key Levels to Watch
\n
Major Support Levels: $0.5440 and $0.5400.
\n
Major Resistance Levels: $0.5540 and $0.5550.
\n
In conclusion, XRP is currently facing resistance near the $0.5550 level. A break above this level could lead to further gains, while a failure to do so could result in another decline. Traders will be closely watching these key support and resistance levels to gauge the direction of XRP’s price in the coming days.