XRP Price Remains in Range: Can It Escape the Consolidation?

XRP

NewsBTCSep 25, 2024 12:59 PM

XRP price is still consolidating above the $0.5785 support. The price must clear the $0.5950 and $0.6050 resistance levels to gain bullish momentum.

XRP price is still trading below the $0.600 resistance zone.
The price is now trading above $0.590 and the 100-hourly Simple Moving Average.
There was a break above a major bearish trend line with resistance at $0.5865 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5950 and $0.6050 resistance levels.

XRP Price Eyes Upside Break

XRP price remained stable above the $0.5780 level and started a decent upward move like Bitcoin and Ethereum. The price was able to climb above the $0.5850 and $0.5880 resistance levels.

There was a break above a major bearish trend line with resistance at $0.5865 on the hourly chart of the XRP/USD pair. The pair climbed above $0.5920 and tested the 50% Fib retracement level of the downward move from the $0.6123 swing high to the $0.5784 low.

The price is now trading above $0.590 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5950 level. The first major resistance is near the $0.600 level. The next key resistance could be $0.6050 or the 76.4% Fib retracement level of the downward move from the $0.6123 swing high to the $0.5784 low.

A clear move above the $0.6050 resistance might send the price toward the $0.6120 resistance. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term.

Another Decline?

If XRP fails to clear the $0.5950 resistance zone, it could start another decline. Initial support on the downside is near the $0.5865 level. The next major support is near the $0.5785 level.

If there is a downside break and a close below the $0.5785 level, the price might continue to decline toward the $0.5665 support in the near term. The next major support sits at $0.5500.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

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

Major Support Levels – $0.5865 and $0.5785.

Major Resistance Levels – $0.5950 and $0.6050.

Reviewed byTony

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