Menu

Categories:

Hot right now:

Follow on:

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.

Menu

Categories:

Hot right now:

Follow on:

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 Uphill Task: Can It Break Through the Resistance?

Share This Post

XRP price is consolidating above the $0.5400 level. The price must clear the $0.5520 and $0.5600 resistance levels to start a recovery wave.

  • XRP price is struggling to gain pace for a move above the $0.5550 zone.
  • The price is now trading below $0.550 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $0.550 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could decline again if it fails to clear $0.5520 and $0.5600.

XRP Price Faces Resistance

XRP price remained in a range below $0.5650 like Bitcoin and Ethereum. There was a fresh decline, and the price retested the $0.540 support zone. A low was formed at $0.5400 and the price is now consolidating.

There was a minor increase above the $0.5420 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $0.5647 swing high to the $0.5400 low. However, the bears seem to be active near the $0.550 and $0.5520 levels.

The price is now trading below $0.550 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.550 level. There is also a connecting bearish trend line forming with resistance at $0.550 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $0.5550 level or the 76.4% Fib retracement level of the downward move from the $0.5647 swing high to the $0.5400 low.

XRP Price

The next key resistance could be $0.5600. A clear move above the $0.5600 resistance might send the price toward the $0.5650 resistance. The next major resistance is near the $0.5720 level. Any more gains might send the price toward the $0.5880 resistance or even $0.600 in the near term.

Another Decline?

If XRP fails to clear the $0.5550 resistance zone, it could start another decline. Initial support on the downside is near the $0.5420 level. The next major support is $0.5400.

If there is a downside break and a close below the $0.5400 level, the price might continue to decline toward the $0.5320 support in the near term. The next major support sits at $0.5250.

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 – $0.5400 and $0.5320.

Major Resistance Levels – $0.5500 and $0.5600.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Analyst Identifies When Bitcoin Price Will Reach Cycle Top — Here’s The Timeline

The Bitcoin price appeared to have reached its top in this current cycle, embarking on a downward trend after notching a new all-time high of $108,786 at the beginning of the year The story seems to

Report: South Korea to Allow Free Crypto Trading for Non-Profits, Exchanges in June

Beginning in June, South Korean nonprofit organizations and virtual asset exchanges will be permitted to trade digital assets freely Exchanges can sell virtual assets under strict regulatory

Vitalik Buterin Proposes ‘Simplifying’ Ethereum Like Bitcoin — Details

In a significant update to the protocol’s long-term roadmap, Ethereum co-founder Vitalik Buterin has called for the simplification of ETH’s base protocol to make the network more efficient

Coinbase Quietly Holds 2.7  Million Bitcoin Under Management, Worth About $261 Billion

Coinbase quietly guards a digital war chest of 27 million bitcoin, with Wall Street giants, tech titans, and mining firms all locking their crypto fortunes behind its walls Digital Fort Knox Onchain

Cup-And-Handle Pattern Signals Altseason Ready For Launch – Analyst

Prominent crypto analyst Gert Van Lagen has shared a positive market prediction hinting that the altseason may soon begin Based on a fully formed bullish pattern, the Dutch market expert postulates

Arizona State Governor Vetoes Bitcoin Reserve Bill – Details

Arizona State Governor Katie Hobbs has vetoed a legislative bill that would have allowed the creation of a Bitcoin reserve The Grand Canyon state joins a growing list of other US states where