🔥🔥🔥 #XRPPrice Locked in Range-Bound Trading: Can It Escape Soon?
XRP Price Eyes Recovery but Faces Key Resistance Levels
XRP is attempting a recovery wave, pushing above the $0.5500 level. However, the price could struggle to break through the range resistance at $0.5720 and $0.5800.
- XRP began a steady rise from the $0.5330 support zone.
- It is currently trading below $0.5650 and the 100-hour Simple Moving Average.
- A key bullish trend line is forming with support near $0.5520 on the hourly chart (data source: Kraken).
- If XRP fails to hold above $0.5520 and $0.5500, it may face further declines.
XRP Faces Resistance
After dropping below $0.5400, XRP, similar to Bitcoin and Ethereum, tested the $0.5330 zone before starting a recovery. It climbed past the $0.5420 and $0.5440 resistance levels, clearing the 50% Fib retracement level from the $0.5720 swing high to the $0.5333 low.
The price managed to surpass $0.5550 but encountered selling pressure near the $0.5625 and $0.5640 levels. XRP is still trading below $0.5650 and the 100-hour Simple Moving Average, with key support forming around $0.5520.
On the upside, XRP could face resistance at $0.5625, aligning with the 76.4% Fib retracement level. The first major resistance is at $0.5650, followed by the $0.5720 level. A break above this could drive XRP toward $0.5850 and possibly $0.5880, with potential gains pushing it toward the $0.6000-$0.6060 zone.
Potential for Another Decline?
If XRP fails to break past the $0.5625 resistance, it may face another downward move. Initial support is near $0.5525, followed by major support at $0.5500. A break below $0.5550 could trigger a decline toward $0.5400, with the next major support at $0.5320.
Technical Indicators:
- Hourly MACD: Losing momentum in the bullish zone.
- Hourly RSI: Below 50, indicating possible bearish pressure.
- Key Support Levels: $0.5525 and $0.5400.
- Key Resistance Levels: $0.5625 and $0.5720.
Source - newsbtc.com
