XRP Price Consolidates, Gearing Up for Its Next Major Breakout
May 23 2024 - 10:38PM
NEWSBTC
XRP price extended its decline below the $0.520 support. The price
is now trading in a range and eyeing an upside break above the
$0.5320 resistance. XRP extended losses and declined below the
$0.5120 support. The price is now trading above $0.5250 and the
100-hourly Simple Moving Average. There is a key bearish trend line
forming with resistance at $0.5325 on the hourly chart of the
XRP/USD pair (data source from Kraken). The pair could gain bullish
momentum if it clears the $0.5365 resistance zone. XRP Price Holds
Ground In the past two sessions, XRP price saw a steady decline
below the $0.5320 level. There were a few swing moves like Bitcoin
and Ethereum. The price even spiked below the $0.5120 support zone.
A low was formed at $0.5028 and the price is now correcting losses.
There was a move above the $0.5200 and $0.5250 resistance levels.
The price climbed above the 50% Fib retracement level of the
downward move from the $0.5477 swing high to the $0.5028 low. The
price is back above $0.5250 and the 100-hourly Simple Moving
Average. Immediate resistance is near the $0.5320 level. There is
also a key bearish trend line forming with resistance at $0.5325 on
the hourly chart of the XRP/USD pair. The first key resistance is
near $0.5365 or the 76.4% Fib retracement level of the downward
move from the $0.5477 swing high to the $0.5028 low. A close above
the $0.5365 resistance zone could send the price higher. The next
key resistance is near $0.5480. If the bulls push the price above
the $0.5480 resistance level, there could be a steady increase
toward the $0.5570 resistance. Any more gains might send the price
toward the $0.5800 resistance. Another Decline? If XRP fails to
clear the $0.5320 resistance zone, it could start another decline
within the range. Initial support on the downside is near the
$0.5250 level and the 100 hourly SMA. The next major support is at
$0.5140. If there is a downside break and a close below the $0.5140
level, the price might gain bearish momentum. In the stated case,
the price could decline and retest the $0.5030 support in the near
term. Technical Indicators Hourly MACD – The MACD for XRP/USD is
now gaining pace in the bullish zone. Hourly RSI (Relative Strength
Index) – The RSI for XRP/USD is now above the 50 level. Major
Support Levels – $0.5250 and $0.5140. Major Resistance Levels –
$0.5320 and $0.5365.
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