$XRP Bulls Target New Gains: Will They Achieve a Breakout?

XRP's price recently dipped towards the $0.5550 level before finding some support. It has since entered a consolidation phase & could be gearing up for a potential recovery above $0.580.

Key Points:

XRP began consolidating after dropping to the $0.5550 zone.

- It’s currently trading below $0.580 & the 100-hour Simple Moving Average.

- A key bearish trend line with resistance at $0.5720 is forming on the hourly chart of the XRP/USD pair (data from Kraken).

- The pair could attempt a recovery if it manages to break above the $0.580 resistance level.

#XRPPrice Consolidation

XRP extended its losses below the $0.580 mark, similar to Bitcoin & Ethereum, eventually testing the $0.5550 area. A low was established at $0.5538 before the price began an upward correction.

The price climbed above $0.5580 & $0.5620, briefly breaking above the 50% Fibonacci retracement level of the decline from the $0.60 swing high to the $0.5538 low. However, the bears quickly regained control, preventing further gains above $0.5850.

Currently, XRP is trading below $0.580 & the 100-hour Simple Moving Average. On the upside, it faces immediate resistance near $0.5720, where a bearish trend line is forming on the hourly chart of the XRP/USD pair.

XRP's first major resistance is near $0.5885, close to the 76.4% Fibonacci level. If it breaks $0.60, the next targets are $0.6050, $0.6160, and potentially up to $0.6320 in the short term.

Potential for Another Decline?

If XRP fails to surpass the $0.5720 resistance, it could face another decline. Immediate support on the downside is at $0.5640, with a more significant support level at $0.5550.

A decisive break & close below $0.5550 might push the price down towards $0.5320. The next crucial support level is at $0.5120.

Technical Indicators:

Hourly MACD: Losing momentum in the bearish zone.

Hourly RSI: Currently below 50, indicating a lack of bullish momentum.

Key Support Levels:

- $0.5640, $0.5550

Key Resistance Levels:

- $0.5720, $0.5885

Source - newsbtc.com