đ„đ„đ„ $XRP Price Stuck In Tiny Trading Range: Consolidation Phase Continues
XRP Price Faces Resistance Near $0.50
XRP is encountering resistance at the $0.50 mark and needs to settle above $0.50 and $0.510 to gain bullish momentum.
Current Price Movement
XRP recently started an upward move from $0.4765 and is now trading above $0.4850 and the 100-hourly Simple Moving Average. A short-term rising channel is forming with resistance near $0.500 on the hourly chart of the XRP/USD pair (Kraken data). The price could increase if it clears the $0.50 and $0.510 resistance levels.
Price Consolidation and Recovery
After extending losses below $0.50, XRP found support at $0.4765 and began to recover. It moved above the $0.4800 and $0.4850 resistance levels, surpassing the 50% Fibonacci retracement level of the recent decline from $0.5105 to $0.4765. Currently, XRP is trading above $0.4850 and the 100-hourly SMA but faces hurdles near $0.4980 and $0.50.
Bullish Scenario
A clear move above $0.50 could push XRP towards $0.510 and then $0.520. Closing above $0.520 may lead to further gains towards $0.5320 and potentially $0.550 and $0.5650.
Bearish Scenario
If XRP fails to clear $0.50, it might decline. Initial support is near $0.490 and the channel zone, with major support at $0.4840. A break below $0.4840 could drive the price below $0.4765.
Technical Indicators
- Hourly #MACD : Losing pace in the bullish zone.
- Hourly #RSI : Below 50.
Key Levels to Watch
- Support: $0.4840, $0.4765
- Resistance: $0.500, $0.510
XRP needs to clear key resistance levels to sustain its upward momentum and avoid further declines.
