🔥🔥🔥 $XRP Price Consolidates, Gearing Up for Its Next Major Breakout
XRP's price witnessed a decline below the critical $0.520 support level, entering a consolidative phase while aiming for a breakout above the $0.5320 resistance mark.
The downward trend persisted as XRP dipped below the $0.512 support, briefly slipping below $0.5028 before rebounding. Currently, the price is hovering above $0.5250, finding support from the 100-hourly Simple Moving Average.
On the hourly chart of the XRP/USD pair sourced from Kraken, a notable bearish trend line is taking shape, presenting resistance around $0.5325. To regain bullish momentum, XRP must surpass the $0.5365 resistance zone, which represents the 76.4% Fib retracement level of the recent downward swing.
If buyers manage to breach the $0.5480 resistance level, a sustained uptrend could lead XRP towards the $0.5570 and potentially the $0.5800 resistance levels.
However, failure to surpass the $0.5320 resistance might result in another downward movement. Initial support lies around $0.5250, reinforced by the 100-hourly SMA, followed by a more substantial support level at $0.5140. Should XRP breach this support, a retest of $0.5030 is plausible in the near term.
Technical indicators suggest a bullish momentum with the MACD gaining pace in the bullish zone and the hourly RSI climbing above the 50 level.
Key Support Levels:
- $0.5250
- $0.5140
Key Resistance Levels:
- $0.5320
- $0.5365
Source - newsbtc.com
