XRP Price Stays Range-Bound: Will It Soon Make a Move?

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As a seasoned crypto investor with over a decade of experience under my belt, I must say that the current state of XRP is reminiscent of a game of cat and mouse. The price has been consolidating above the $0.5320 support zone, hinting at a potential breakout or breakdown.

The current price of XRP is finding it tough to surpass the resistance at around $0.5550. To potentially rise again soon, it needs to maintain its position above the support level at approximately $0.5250.

  • XRP price is consolidating above the $0.5320 zone.
  • The price is now trading below $0.5500 and the 100-hourly Simple Moving Average.
  • There was a break below a connecting bullish trend line with support at $0.5500 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if it clears the $0.5550 and $0.5580 resistance levels.

XRP Price Trades In A Range

The cost of XRP held steady above the $0.5320 mark as a stronghold. Afterward, it saw an uptick surpassing the $0.550 point, yet encountered resistance around the $0.5600 level, where sellers became more dominant.

Initially, a peak was reached at $0.5600, followed by a downward trend similar to Bitcoin and Ethereum. This decline dipped below the levels of $0.5550 and $0.5500. Furthermore, there was a drop below a supportive bullish trend line that had been drawn at $0.5500 on the hourly chart for XRP/USD pair.

The cost has fallen beneath the 50% Fibonacci retracement support level, which marks the halfway point of the rise from the $0.5375 low to the $0.5600 high. Currently, the cost is being traded below $0.5460 and the 100-hour Simple Moving Average.

Currently, the bulls are safeguarding the 76.4% Fibonacci retracement point in the bullish trend that started from the $0.5375 low and reached the $0.5600 high. If the price continues to rise, it could encounter resistance around $0.5460. The first significant resistance lies at $0.5500.

The next key resistance could be $0.5550. A clear move above the $0.5550 resistance might send the price toward the $0.5600 resistance. Any more gains might send the price toward the $0.5800 resistance or even $0.5880 in the near term. The next major hurdle might be $0.6000.

Another Drop?

Should XRP struggle to break through the $0.5500 barrier, it might initiate a fresh drop. A potential cushion in case of a decline can be found around the $0.5420 mark. The following significant support lies at approximately $0.5365 level.

If a drop occurs and the price falls beneath $0.5365, it could potentially lead to further decreases heading towards the nearby support at $0.5320 for a short while. Further down, the significant support can be found around the $0.5250 area.

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 – $0.5420 and $0.5365.

Major Resistance Levels – $0.5500 and $0.5550.

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2024-10-22 08:10