$XRP Price Steadies Above Support: Gearing Up for a Breakout?
XRP's price is maintaining crucial support at $0.5220, with bulls eyeing a fresh increase unless it closes below this level.
Currently, XRP is struggling to rise above the $0.5350 resistance zone. It is trading below $0.5320 and the 100-hourly Simple Moving Average. There is a significant bearish trend line with resistance near $0.5280 on the hourly chart of the XRP/USD pair (Kraken data). The pair could initiate a fresh increase unless bears push the price below $0.5220.
XRP Price Holds Support
XRP experienced a bearish move, retesting the $0.5220 support zone, similar to #bitcoin and #Ethereum . Despite a spike below this zone, bulls were active. A low was formed at $0.5192, and the price rebounded above $0.5220, trading near the 23.6% Fib retracement level from the $0.5405 swing high to the $0.5192 low. It remains below $0.5320 and the 100-hourly Simple Moving Average.
Resistance is near the $0.5280 level, along with a key bearish trend line. The first key resistance is at $0.5300, aligning with the 61.8% Fib retracement level from the $0.5405 high to the $0.5192 low. Closing above $0.5300 could push the price higher, with the next key resistance at $0.540. A close above $0.540 might lead to a steady rise towards $0.5450, with further gains potentially reaching $0.5650.
More Downsides?
If XRP fails to clear the $0.5280 resistance, it may continue to decline. Initial support is near $0.5220, followed by major support at $0.5120. A break below $0.5120 could accelerate the decline, potentially retesting the $0.50 support.
Technical Indicators
- Hourly MACD: Losing pace in the bearish zone.
- Hourly RSI: Below the 50 level.
- Major Support Levels: $0.5220 and $0.5120.
- Major Resistance Levels: $0.5280 and $0.5300
Source - newsbtc.com
