XRP price is still stuck in a range above the $0.5080 support.
The price is currently trading below $0.5300 and the 100 hourly Simple Moving Average.
There is a bearish trend line forming with resistance at $0.5285 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it surpasses the $0.5300 and $0.5320 resistance levels.
XRP price failed to start a fresh increase above the $0.5350 resistance.
It started another decline and traded below the $0.5250 support level.
However, losses were limited compared to Bitcoin and Ethereum.
A low was formed at $0.5210 and the price is now consolidating losses.
The price climbed above the $0.5250 resistance, clearing the 23.6% retracement level of the downward wave from the $0.5354 peak to $0.5210 low.
The price is now below $0.5320 and the 100 hourly Simple Moving Average.
If there is a further increase, the price may face resistance near the $0.5300 level.
The first significant resistance is near the $0.5350 level.
The next key resistance could be $0.5450.
A clear move above the $0.5450 resistance could lead the price towards the $0.5500 resistance.
Any further gains could lead the price towards the $0.5650 resistance or even $0.580 in the near term.
The next big hurdle could be $0.600.
If XRP fails to overcome the $0.5350 resistance zone, it could begin another decline.
Initial support on the downside is near the $0.5220 level.
The next significant support is near $0.520.
If there is a downside break and close below the $0.520 level, the price may continue to decline towards the $0.5150 support in the near term.
The next major support is near the $0.5080 zone.
Technical Indicators:
- Hourly MACD: The MACD for XRP/USD is losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index): The RSI for XRP/USD is below the 50 level.
- Significant Support Levels: $0.5220 and $0.5200.
- Significant Resistance Levels: $0.5350 and $0.5450.
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