XRP Price Meets Range Resistance: Can It Power Higher?

2024-10-15 08:08

XRP price is moving higher above the $0.5350 support. The price tested the $0.5550 resistance and seems to be struggling to continue higher.

XRP price is attempting a fresh increase above the $0.540 zone. The price is now trading above $0.5420 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $0.5400 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could trim most gains if it fails to stay above the $0.540 support zone. XRP Price Revisits Resistance

XRP price remained stable above the $0.5320 support. A base was formed and the price started a fresh increase above $0.5400 like Bitcoin and Ethereum.

The price climbed above the $0.5450 and $0.550 resistance levels. However, the bears are active near the key range resistance at $0.5550. A high is formed at $0.5550 and the price is now correcting gains. There was a move below the $0.550 level.

The price dipped below the 23.6% Fib retracement level of the upward move from the $0.5252 swing low to the $0.5550 high. The price is now trading above $0.540 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.5400 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $0.5540 level. The first major resistance is near the $0.5550 level. The next key resistance could be $0.5650. A clear move above the $0.5650 resistance might send the price toward the $0.5800 resistance. Any more gains might send the price toward the $0.5880 resistance or even $0.600 in the near term. The next major hurdle might be $0.6120, where the bears might emerge.

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 $0.5440 level and the trend line. The next major support is near the $0.5400 level or the 50% Fib retracement level of the upward move from the $0.5252 swing low to the $0.5550 high.

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 near the $0.5220 zone.

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 above the 50 level.

Major Support Levels – $0.5440 and $0.5400.

Major Resistance Levels – $0.5540 and $0.5550.

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