XRP price is consolidating above the $0.5400 support. The price could start a new rally if there is a clear move above the USD 0.600 resistance.
- XRP is struggling to break the USD 0.588 and USD 0.600 resistance levels.
- The price is now trading below $0.5920 and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair (Kraken data source).
- The pair will start a new rally if it overcomes the USD 0.588 and USD 0.600 resistance levels.
XRP price aims higher
After a decent recovery wave, XRP price was able to settle above the $0.5640 pivot level. A base was formed around $0.5460, and the price entered a consolidation phase, unlike Bitcoin and Ethereum.
There was a small increase above the USD 0.570 resistance zone. However, the bears seem to be active near the USD 0.5880 resistance zone. It faced a rejection near the 50% Fib retracement level of the recent decline from the $0.6238 swing high to the $0.5545 low.
The price is now trading below $0.5920 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.588 zone.
The first major resistance is near USD 0.600. There is also a major bearish trendline forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair. The trendline is close to the 61.8% Fib retracement level of the recent decline from the $0.6238 swing high to the $0.5545 low.
Source: XRPUSD on TradingView.com
A close above the $0.600 resistance zone could lead to a strong rise. The next major resistance is near USD 0.625. If the bulls continue to act above the USD 0.625 resistance level, a rally towards the USD 0.665 resistance could take place. Any further gains could send the price towards the USD 0.700 resistance.
Disadvantage of break?
If XRP fails to break the USD 0.600 resistance zone, it could trigger another decline. The initial downside support is near the $0.5450 zone.
The next major support is at $0.5220. If there is a downside break and a close below the USD 0.5220 level, the XRP price could accelerate lower. In the said case, the price could retest the USD 0.4850 support zone.
Technical indicators
4-hour MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – $0.5450, $0.5220 and $0.4850.
Major resistance levels – $0.5880, $0.600 and $0.6250.
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