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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

XRP Price Uphill Task: Can It Break Through the Resistance?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
XRP Price Uphill Task

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XRP price is consolidating above the $0.5400 level. The price must clear the $0.5520 and $0.5600 resistance levels to start a recovery wave.

  • XRP price is struggling to gain pace for a move above the $0.5550 zone.
  • The price is now trading below $0.550 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $0.550 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could decline again if it fails to clear $0.5520 and $0.5600.

XRP Price Faces Resistance

XRP price remained in a range below $0.5650 like Bitcoin and Ethereum. There was a fresh decline, and the price retested the $0.540 support zone. A low was formed at $0.5400 and the price is now consolidating.

There was a minor increase above the $0.5420 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $0.5647 swing high to the $0.5400 low. However, the bears seem to be active near the $0.550 and $0.5520 levels.

The price is now trading below $0.550 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.550 level. There is also a connecting bearish trend line forming with resistance at $0.550 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $0.5550 level or the 76.4% Fib retracement level of the downward move from the $0.5647 swing high to the $0.5400 low.

XRP Price
Source: XRPUSD on TradingView.com

The next key resistance could be $0.5600. A clear move above the $0.5600 resistance might send the price toward the $0.5650 resistance. The next major resistance is near the $0.5720 level. Any more gains might send the price toward the $0.5880 resistance or even $0.600 in the near term.

Another Decline?

If XRP fails to clear the $0.5550 resistance zone, it could start another decline. Initial support on the downside is near the $0.5420 level. The next major support is $0.5400.

If there is a downside break and a close below the $0.5400 level, the price might continue to decline toward the $0.5320 support in the near term. The next major support sits at $0.5250.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

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

Major Support Levels – $0.5400 and $0.5320.

Major Resistance Levels – $0.5500 and $0.5600.

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Aayush Jindal
Aayush Jindal

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.

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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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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