XRP Price Rise Eases Again: Will Support Continue?

XRP price accelerated above the $0.5500 support zone. The price rose to the resistance level at $0.5780 and then quickly lost most of its gains.

  • XRP price is losing momentum above the $0.5500 zone.
  • The price is currently trading above $0.5320 and the 100-hour simple moving average.
  • On the hourly chart of the XRP/USD pair, a key bullish trend line is forming with support at $0.5360 (data source from Kraken).
  • The pair could start a new rise if it remains above the $0.5250 support zone.

XRP price sees more room to rise

The XRP price remained above the $0.5150 level. It formed a base and started a new rally above $0.5250, like Bitcoin and Ethereum. There was a movement above the resistance levels of $0.5350 and $0.5500.

The bulls even pushed the price above the $0.5650 level before the bears emerged. The maximum is formed at $0.5758, and the price corrects the increase. There was a move below the support at $0.5650. It fell below the 23.6% Fibonacci retracement level of the upside move from the $0.4948 swing low to $0.5758 high.

The price is currently trading above $0.5320 and the 100-hour simple moving average. The hourly chart of the XRP/USD pair is also forming a key bullish trend line with support at $0.5360. The trendline is close to the 50% Fibonacci retracement level of the upward move from the $0.4948 swing low to $0.5758 swing high.

On the other hand, the price may face resistance near the $0.5600 level. The first major resistance is near the $0.5650 level. The next key resistance could be $0.5780. A clear move above the $0.5780 resistance could send the price towards the $0.5880 resistance.

Any further rise could take the price towards the resistance at $0.5920 or even $0.6000 in the near future. The next major obstacle could be $0.6200.

More losses?

If XRP fails to break through the $0.5650 resistance zone, it may continue moving lower. Initial downside support lies near the $0.5450 level. The next major support is near the $0.5360 level and trend line.

If there is a downside breakout and close below the $0.5360 level, the price could continue to decline towards the $0.5250 support in the near term. The next major support is near the $0.5120 zone.

Technical indicators

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

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

The main support levels are $0.5450 and $0.5360.

The main resistance levels are $0.5600 and $0.5650.

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