XRP Price Can’t Break $0.5550: Is a Turnaround Coming?
17 October 2024 - 3:08PM
NEWSBTC
XRP price is still struggling to clear the $0.5550 zone. The price
must settle above the $0.5550 resistance to start a steady increase
in the near term. XRP price is consolidating above the $0.5320
zone. The price is now trading above $0.5400 and the 100-hourly
Simple Moving Average. There is a key bullish trend line forming
with support at $0.5435 on the hourly chart of the XRP/USD pair
(data source from Kraken). The pair could gain bullish momentum if
it clears the $0.550 and $0.5550 resistance levels. XRP Price Holds
Support XRP price made another attempt to clear the $0.5550
resistance zone. However, the bears remained active below $0.5550
and there was no upside break. The price corrected some gains like
Bitcoin and Ethereum. There was a move below the $0.5500 level. The
price dipped below the 23.6% Fib retracement level of the upward
move from the $0.5377 swing low to the $0.5537 high. However, the
bulls are active and protecting more losses below $0.540. The price
is now trading above $0.540 and the 100-hourly Simple Moving
Average. There is also a key bullish trend line forming with
support at $0.5435 on the hourly chart of the XRP/USD pair. The
trend line is close to the 61.8% Fib retracement level of the
upward move from the $0.5377 swing low to the $0.5537 high. On the
upside, the price might face resistance near the $0.5500 level. The
first major resistance is near the $0.5520 level. The next key
resistance could be $0.5550. A clear move above the $0.5550
resistance might send the price toward the $0.5650 resistance. Any
more gains might send the price toward the $0.5840 resistance or
even $0.5880 in the near term. The next major hurdle might be
$0.6000. Another Drop? If XRP fails to clear the $0.5550 resistance
zone, it could start another decline. Initial support on the
downside is near the $0.540 level and the trend line. The next
major support is near the $0.5350 level. If there is a downside
break and a close below the $0.5350 level, the price might continue
to decline toward the $0.5265 support in the near term. The next
major support sits near the $0.5180 zone. 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 above the 50 level. Major Support Levels – $0.5400
and $0.5350. Major Resistance Levels – $0.5500 and $0.5550.
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