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

Aayush Jindal

1 year ago

2 mins read

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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.

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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