XRP Price Locked in Range-Bound Trading: Can It Escape Soon?

2024-9-5 07:58

XRP price is attempting a recovery wave above the $0.5500 level. The price might struggle to clear the range resistance at $0.5720 and $0.5800.

XRP price started a decent increase from the $0.5330 zone. The price is now trading below $0.5650 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $0.5520 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could decline again if it fails to stay above $0.5520 and $0.5500. XRP Price Faces Hurdles

XRP price extended losses below $0.540 like Bitcoin and Ethereum. The price tested the $0.5330 zone and recently started a recovery wave. There was a move above the $0.5420 and $0.5440 resistance levels.

The price was able to clear the 50% Fib retracement level of the downward move from the $0.5720 swing high to the $0.5333 low. There was a move above the $0.5550 level. However, the bears seem to be active near the $0.5625 and $0.5640 levels.

The price is now trading below $0.5650 and the 100-hourly Simple Moving Average. Besides, there is also a key bullish trend line forming with support at $0.5520 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $0.5625 level or the 76.4% Fib retracement level of the downward move from the $0.5720 swing high to the $0.5333 low. The first major resistance is near the $0.5650 level.

The next key resistance could be $0.5720. A clear move above the $0.5720 resistance might send the price toward the $0.5850 resistance. The next major resistance is near the $0.5880 level. Any more gains might send the price toward the $0.600 resistance or even $0.6060 in the near term.

Another Decline?

If XRP fails to clear the $0.5625 resistance zone, it could start another decline. Initial support on the downside is near the $0.5525 level and the trend line. The next major support is $0.5500.

If there is a downside break and a close below the $0.5550 level, the price might continue to decline toward the $0.540 support in the near term. The next major support sits at $0.5320.

Technical Indicators

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

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

Major Support Levels – $0.5525 and $0.5400.

Major Resistance Levels – $0.5625 and $0.5720.

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