Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

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

NewsbtcNewsbtc2024/09/05 05:30
By:Aayush Jindal

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.

Source: XRPUSD on TradingView.com

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.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

Critical FED Interest Rate Decision Expected in Bitcoin Today! What Time Will It Be Announced? Here Are the Expectations and Things to Know!

While the FED's interest rate decision is awaited in Bitcoin today, it remains unclear whether the FED will reduce interest rates by 25 basis points or 50 basis points.

Bitcoinsistemi2024/09/18 20:06

Last Minute Interest Rate Announcement from BofA and Two Companies – Here is the Decision They Expected Just Ahead

Analysts from BofA and two other firms shared their latest expectations for the Fed's interest rate decision, which is now just minutes away.

Bitcoinsistemi2024/09/18 20:03