🔥🔥🔥 $XRP Price Range-Bound: Can It Maintain Support and Break Out?
XRP Price Analysis: Struggle to Clear $0.6120 Resistance
XRP is currently consolidating near the $0.600 support zone, facing difficulty in breaking above the $0.6120 resistance level. The price must stay above the $0.5940 support to attempt another increase soon.
Key Points:
- Current Status: Trading below $0.6120 and the 100-hour Simple Moving Average.
- Support Level: Major bullish trend line support at $0.5945 on the hourly chart (data source: Kraken).
- Resistance Levels: Immediate resistance at $0.6025, $0.6060, and major resistance at $0.6120. Clearing $0.6120 could push the price towards $0.6150 and $0.6200, with further gains possibly reaching $0.6350.
Price Consolidation and Support:
XRP failed multiple attempts to break above $0.6120 and $0.6150, leading to a retest of the $0.5950 support level. The price is now consolidating, with crucial support at $0.5945.
Potential for Gains:
A fresh increase could face resistance near $0.6025 (50% Fib retracement of the downward move from $0.6091 to $0.5957). Further resistance lies at $0.6060 (76.4% Fib retracement) and $0.6120. A clear move above $0.6120 might lead to a push towards $0.6150 and $0.6200, with additional gains potentially driving the price to $0.6350.
Potential for Losses:
Failure to clear $0.6120 could result in a decline, with initial support at $0.5950 and major support at $0.5880. A break below $0.5880 could lead to a decline towards $0.5720 and $0.550.
Technical Indicators:
- Hourly MACD: Losing pace in the bullish zone.
- Hourly RSI: Below the 50 level.
- Major Support Levels: $0.5950 and $0.5880.
- Major Resistance Levels: $0.6060 and $0.6120.
In summary, XRP must clear the $0.6120 resistance to gain bullish momentum, while maintaining support above $0.5940 to avoid further losses.
Source - newsbtc.com
