XRP Price Stalls in Range: Will a Breakout Come Soon?

Aayush Jindal

Last Updated: September 12, 2024 5:00 am

2 mins read

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XRP price is holding gains above the $0.5250 level. The price is now trading in a tight range and might soon attempt a move above the $0.550 resistance.

XRP price is eyeing a clear move above the $0.5420 resistance zone.
The price is now trading above $0.5330 and the 100-hourly Simple Moving Average.
There was a break above a short-term bearish trend line with resistance at $0.5360 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5420 and $0.5450 resistance levels.

XRP Price Eyes Upside Break

XRP price remained well-supported above the $0.5220 level like Bitcoin and Ethereum. The price started a fresh increase within the range and was able to clear the $0.5320 resistance level.

The price climbed above the 50% Fib retracement level of the downward move from the $0.5426 swing high to the $0.5234 low. There was also a break above a short-term bearish trend line with resistance at $0.5360 on the hourly chart of the XRP/USD pair.

The price is now trading above $0.5330 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5380 level or the 76.4% Fib retracement level of the downward move from the $0.5426 swing high to the $0.5234 low.

The first major resistance is near the $0.5420 level. The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5550 resistance.

XRP Price — Source: XRPUSD on TradingView.com

The next major resistance is near the $0.5640 level. Any more gains might send the price toward the $0.5800 resistance or even $0.5880 in the near term.

Another Decline?

If XRP fails to clear the $0.5420 resistance zone, it could start another decline. Initial support on the downside is near the $0.5330 level and the 100 hourly SMA. The next major support is $0.5280.

If there is a downside break and a close below the $0.5280 level, the price might continue to decline toward the $0.5220 support in the near term. The next major support sits at $0.5150.

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 – $0.5330 and $0.5280.

Major Resistance Levels – $0.5420 and $0.5450.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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