XRP price is consolidating below the $0.538 resistance, the price could start a fresh rally if it clears the $0.5380 and $0.5500 resistance levels.
XRP Price Eyes Fresh Rally
In the past few days, XRP price recovered higher from the $0.4980 zone. There was a move above the $0.505 and $0.5120 resistance levels.
However, the bears remained active near the $0.5380 resistance and protected more upsides, unlike Bitcoin and Ethereum.
The recent high was formed at $0.5375 before there was a downside correction. There was a move below the $0.5220 level.
The price even spiked below the 50% Fib retracement level of the upward move from the $0.4980 swing low to the $0.5375 high.
Ripple’s token price is now trading above $0.520 and the 100 simple moving average (4 hours).
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There is also a key bullish trend line forming with support at $0.5170 on the 4-hour chart of the XRP/USD pair. On the upside, immediate resistance is near the $0.5300 zone.
The first key resistance is near $0.5380, above which the price could rise toward the $0.550 resistance.
A close above the $0.550 resistance zone could spark a strong increase. The next key resistance is near $0.5850.
If the bulls remain in action above the $0.5850 resistance level, there could be a rally toward the $0.600 resistance. Any more gains might send the price toward the $0.620 resistance.
Another Decline?
If XRP fails to clear the $0.5380 resistance zone, it could start another decline. Initial support on the downside is near the $0.518 zone and the trend line.
The next major support is at $0.5120. If there is a downside break and a close below the $0.5120 level, the price might accelerate lower. In the stated case, the price could retest the $0.480 support zone.
Technical Indicators
- 4-Hours MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
- 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 50 level.
- Major Support Levels – $0.517, $0.512, and $0.480.
- Major Resistance Levels – $0.530, $0.538, and $0.550.
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