XRP Price Locked in Range-Bound Trading: Can It Escape Soon?
September 05 2024 - 12:58AM
NEWSBTC
XRP price is attempting a recovery wave above the $0.5500 level.
The price might struggle to clear the range resistance at $0.5720
and $0.5800. XRP price started a decent increase from the $0.5330
zone. The price is now trading below $0.5650 and the 100-hourly
Simple Moving Average. There is a key bullish trend line forming
with support at $0.5520 on the hourly chart of the XRP/USD pair
(data source from Kraken). The pair could decline again if it fails
to stay above $0.5520 and $0.5500. XRP Price Faces Hurdles XRP
price extended losses below $0.540 like Bitcoin and Ethereum. The
price tested the $0.5330 zone and recently started a recovery wave.
There was a move above the $0.5420 and $0.5440 resistance levels.
The price was able to clear the 50% Fib retracement level of the
downward move from the $0.5720 swing high to the $0.5333 low. There
was a move above the $0.5550 level. However, the bears seem to be
active near the $0.5625 and $0.5640 levels. The price is now
trading below $0.5650 and the 100-hourly Simple Moving Average.
Besides, there is also a key bullish trend line forming with
support at $0.5520 on the hourly chart of the XRP/USD pair. On the
upside, the price might face resistance near the $0.5625 level or
the 76.4% Fib retracement level of the downward move from the
$0.5720 swing high to the $0.5333 low. The first major resistance
is near the $0.5650 level. The next key resistance could be
$0.5720. A clear move above the $0.5720 resistance might send the
price toward the $0.5850 resistance. The next major resistance is
near the $0.5880 level. Any more gains might send the price toward
the $0.600 resistance or even $0.6060 in the near term. Another
Decline? If XRP fails to clear the $0.5625 resistance zone, it
could start another decline. Initial support on the downside is
near the $0.5525 level and the trend line. The next major support
is $0.5500. If there is a downside break and a close below the
$0.5550 level, the price might continue to decline toward the
$0.540 support in the near term. The next major support sits at
$0.5320. Technical Indicators Hourly MACD – The MACD for XRP/USD is
now losing pace in the bullish zone. Hourly RSI (Relative Strength
Index) – The RSI for XRP/USD is now below the 50 level. Major
Support Levels – $0.5525 and $0.5400. Major Resistance Levels –
$0.5625 and $0.5720.
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