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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

XRP Price Faces Uphill Battle: Struggles to Initiate Fresh Upside

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XRP price is struggling to clear the $0.5120 resistance. The price could decline again in the near term if it stays below $0.5060 and $0.5120.

  • XRP is struggling to gain pace for a move above the $0.5120 level.
  • The price is now trading below $0.5050 and the 100-hourly Simple Moving Average.
  • There is a short-term declining channel forming with resistance at $0.5040 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a decent increase if there is a close above the $0.5120 resistance.

XRP Price Stuck Near $0.50

Yesterday, we discussed how XRP price started a recovery wave, like Bitcoin and Ethereum. There was a move above the $0.4950 and $0.50 resistance levels.

The price even moved above $0.5100, but the bears were active near the $0.5120 resistance. A high was formed at $0.5120 and the price is now correcting gains. There was a move below the 50% Fib retracement level of the upward move from the $0.4865 swing low to the $0.5120 high.

The price is now trading below $0.5050 and the 100-hourly Simple Moving Average. However, the bulls are active above the 61.8% Fib retracement level of the upward move from the $0.4865 swing low to the $0.5120 high.

Immediate resistance is near the $0.5040 level and the 100-hourly Simple Moving Average. There is also a short-term declining channel forming with resistance at $0.5040 on the hourly chart of the XRP/USD pair. The first key resistance is near $0.5060. A close above the $0.5060 resistance zone could send the price higher.

XRP Price

The next key resistance is near $0.5120. If the bulls remain in action above the $0.5120 resistance level, there could be a rally toward the $0.5250 resistance. Any more gains might send the price toward the $0.5350 resistance.

More Losses?

If XRP fails to clear the $0.5040 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4965 level. The next major support is at $0.4925.

If there is a downside break and a close below the $0.4925 level, the price might accelerate lower. In the stated case, the price could even drop below the $0.4865 support zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.4965 and $0.4925.

Major Resistance Levels – $0.5040 and $0.5120.

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