XRP Price Stuck In Tiny Trading Range: Consolidation Phase Continues
20 June 2024 - 1:48PM
NEWSBTC
XRP price is struggling to start a steady increase above $0.50. The
price must settle above $0.50 and $0.510 to gain bullish momentum
in the near term. XRP price started a minor upward move from the
$0.4765 zone. The price is now trading above $0.4850 and the
100-hourly Simple Moving Average. There is a short-term rising
channel forming with resistance at $0.500 on the hourly chart of
the XRP/USD pair (data source from Kraken). The pair could start a
decent increase if it clears the $0.50 and $0.510 resistance
levels. XRP Price Consolidates XRP price extended losses below
$0.50 like Bitcoin before the bulls appeared. The price tested the
$0.4765 level and recently started a recovery wave. A low was
formed at $0.4765 and the price climbed within a range. There was a
move above the $0.4800 and $0.4850 resistance levels. The bulls
pushed the price above the 50% Fib retracement level of the recent
decline from the $0.5105 swing high to the $0.4765 low. The price
is now trading above $0.4850 and the 100-hourly Simple Moving
Average. However, the price seems to be facing hurdles near the
$0.4980 and $0.50 levels. There is also a short-term rising channel
forming with resistance at $0.500 on the hourly chart of the
XRP/USD pair. The resistance coincides with the 61.8% Fib
retracement level of the recent decline from the $0.5105 swing high
to the $0.4765 low. A clear move above the $0.50 resistance might
send the price toward the $0.510 resistance. The next major
resistance is near the $0.520 level. A close above the $0.520
resistance zone could send the price higher. The next key
resistance is near $0.5320. If the bulls push the price above the
$0.5320 resistance level, there could be a steady increase toward
the $0.550 resistance. Any more gains might send the price toward
the $0.5650 resistance. Another Decline? If XRP fails to clear the
$0.50 resistance zone, it could start another decline. Initial
support on the downside is near the $0.490 level and the channel
zone. The next major support is at $0.4840. If there is a downside
break and a close below the $0.4840 level, the price might gain
bearish momentum. In the stated case, the price could even trade
below the $0.4765 low in the near term. 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 – $0.4840 and $0.4765.
Major Resistance Levels – $0.500 and $0.510.
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