XRP Price Poised for Next Major Breakout as it Consolidates
XRP price has experienced a downward trend and recently dropped below the $0.520 support level. However, the price has now entered a consolidation phase and is showing signs of an upside breakthrough above the $0.5320 resistance.
During the past few sessions, XRP price witnessed a steady decline below the $0.5320 mark, mirroring similar movements in Bitcoin and Ethereum. The price even dipped below the support zone of $0.5120, hitting a low at $0.5028. However, it has started to recover and is currently trading above $0.5250 and the 100-hourly Simple Moving Average.
On the hourly chart of the XRP/USD pair, a crucial bearish trend line is emerging with resistance at $0.5325. The price is also now above $0.5250 and the 100-hourly Simple Moving Average. The immediate obstacle is near the $0.5320 level, followed by the 76.4% Fib retracement level at $0.5365.
If the price manages to surpass these resistance levels, it could gain bullish momentum and possibly reach the next significant resistance at $0.5480. Beyond that, a steady increase towards the $0.5570 resistance and possibly the $0.5800 resistance may occur.
However, if XRP fails to overcome the $0.5320 resistance, it might experience a decline within the range. The initial support lies at $0.5250 and the 100 hourly SMA, with the next major support at $0.5140. A downside break and close below the $0.5140 level could lead to bearish momentum, potentially causing the price to test the $0.5030 support in the near future.
Technical indicators show that the MACD for XRP/USD is gaining momentum in the bullish zone, while the RSI is above the 50 level, indicating positive strength. The major support levels are identified at $0.5250 and $0.5140, with major resistance levels at $0.5320 and $0.5365.
As XRP price consolidates, traders and investors are anticipating its next major breakout, keeping a close eye on key resistance and support levels to make informed trading decisions.