XRP Price Fluctuates in Range: Is a Breakout Coming Soon?
XRP price is holding gains above the $0.5250 level. The price is currently trading in a tight range and may soon try to break the $0.550 resistance.
XRP price is clearly poised to move above the $0.5420 resistance zone.
The price is currently trading above $0.5330 and the 100-hour simple moving average.
The hourly chart of XRP/USD (data source: Kraken) shows a break above the short-term bearish trend line with resistance at $0.5360.
The pair may gain bullish momentum if it breaks resistance levels of $0.5420 and $0.5450.
XRP Price Soars
XRP price remained well supported above the $0.5220 level, similar to Bitcoin and Ethereum. The price started a new rise within the range and managed to break the $0.5320 resistance level.
The price moved above the 50% Fibonacci retracement level of the downward move from the $0.5426 swing high to $0.5234 low. There was also a break above the short-term bearish trendline with resistance at $0.5360 on the hourly chart of the XRP/USD pair.
The price is currently trading above $0.5330 and the 100-hour simple moving average. On the downside, the price may face resistance near $0.5380 or the 76.4% Fib retracement level of the downward move from the swing high of $0.5426 to the low of $0.5234.
The first major resistance is around $0.5420. The next key resistance could be $0.5450. A clear break above the $0.5450 resistance could send the price towards the $0.5550 resistance.
The next major resistance is around $0.5640. Any further gains could send the price towards the $0.5800 resistance or even $0.5880 in the near term.
Another recession?
If XRP fails to break the $0.5420 resistance zone, it could lead to a fresh decline. Initial support on the downside is near $0.5330 and the 100-hour SMA. The next major support is $0.5280.
If there is a break down and a close below $0.5280, the price could continue to decline towards the $0.5220 support in the near term. The next major support is at $0.5150.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
The main support levels are $0.5330 and $0.5280.
The main resistance levels are $0.5420 and $0.5450.
