XRP Price Holds Steady: Will It Break Out or Continue Consolidating?
XRP Price Holds Steady: Will It Break Out or Continue Consolidating?
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The XRP price continues to trade within a tight range, hovering above the $0.5785 support level. Bulls are aiming for a breakout above the key resistance levels at $0.5950 and $0.6050 to gain momentum.
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Despite trading below the $0.600 resistance zone, XRP has managed to stay above $0.590 and the 100-hourly Simple Moving Average. The hourly chart of the XRP/USD pair (data from Kraken) shows a notable break above a significant bearish trend line with resistance at $0.5865. This positive development suggests that XRP could be poised for a bullish breakout if it manages to clear the aforementioned resistance levels.
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XRP Price Eyes Upside Break
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Following the lead of Bitcoin and Ethereum, XRP price exhibited a promising upward move, holding firm above the $0.5780 level. The price surged above the $0.5850 and $0.5880 resistance levels, ultimately surpassing the major bearish trend line at $0.5865. This surge propelled XRP above the $0.5920 level and tested the 50% Fibonacci retracement level of the downward move from the $0.6123 swing high to the $0.5784 low.
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Currently, the price trades above $0.590 and the 100-hourly Simple Moving Average. Looking ahead, the price may encounter resistance around the $0.5950 level. The first major resistance zone lies near the $0.600 level, followed by a significant hurdle at $0.6050, representing the 76.4% Fibonacci retracement level of the downward move from the $0.6123 swing high to the $0.5784 low. A decisive break above the $0.6050 resistance could potentially propel the price toward the $0.6120 resistance level.
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Further gains could potentially drive the price towards the $0.6250 resistance or even the $0.6320 level in the short term.
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Another Decline?
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If XRP fails to break above the $0.5950 resistance zone, a downward correction could unfold. The initial support level on the downside is near the $0.5865 level, followed by a more substantial support level at $0.5785. Should the price break below the $0.5785 level, a continuation of the downward trend could push XRP towards the $0.5665 support level in the near term. The next major support level lies at $0.5500.
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Technical Indicators
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- 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.
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Major Support Levels
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- $0.5865
- $0.5785
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Major Resistance Levels
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- $0.5950
- $0.6050
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