XRP is currently trying to break above $0.5550. To maintain the bullish momentum, it needs to hold above $0.5250.
Currently, XRP is stable above $0.5320.
The price is trading below $0.5500 and the 100 hourly moving average.
On the hourly chart of XRP/USD, there is a bullish trend line with support at $0.5500. The pair could rise if it overcomes the resistance levels at $0.5550 and $0.5580.
XRP Price Range
XRP remained stable above the $0.5320 support zone. As the price rose to the $0.550 zone, the bears exerted strong pressure at the $0.5600 resistance zone.
XRP topped out at $0.5600 before reversing lower like Bitcoin and Ethereum. After falling below $0.5550 and $0.5500, the price continued to correct lower. Additionally, on the hourly XRP/USD chart, an ascending trend line with support at $0.5500 was also breached.
The price declined below the 50% Fibonacci retracement level of the upward move from $0.5375 to $0.5600. Currently, the price is below $0.5460 and below the 100 hourly moving average.
The bulls are attempting to defend the 76.4% Fibonacci retracement level from $0.5375 to $0.5600. If successful, the price could face resistance at $0.5460, with the first major resistance located at $0.5500.
The next resistance level could be at $0.5550. If this level is cleared, the price could rise above $0.5600, and further towards $0.5800 or $0.5880. The $0.6000 level would be the next target.
Discount Scenario
If XRP fails to break above $0.5500, the price could decline again. The first support lies at $0.5420, followed by a key support at $0.5365.
If it breaks and closes below $0.5365, the price could decline towards $0.5320, with the next major support at $0.5250.
Technical Indicators
Hourly MACD: Bullish MACD is weakening.
Hourly RSI: The RSI for the XRP/USD pair is below the 50 level.
Key Support Levels: $0.5420, $0.5365
Key Resistance Levels: $0.5500, $0.5550