XRP Price Range-Bound: Can It Maintain Support and Break Out?

XRP price is struggling to clear the $0.6120 resistance zone. The price must stay above the $0.5940 support to attempt another increase in the near term.

  • XRP price is consolidating near the $0.600 support zone.
  • The price is now trading below $0.6120 and the 100-hourly Simple Moving Average.
  • There is a major bullish trend line forming with support at $0.5945 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if it clears the $0.6120 resistance zone.

XRP Price Consolidates Above Key Support

XRP price made a couple of attempts to gain strength above $0.6120 and $0.6150. However, the bulls failed to gain strength for a close above $0.6150. There was a bearish reaction, and the price retested the $0.5950 support.

A low is formed at $0.5957 and the price is now consolidating, like Ethereum. There is also a major bullish trend line forming with support at $0.5945 on the hourly chart of the XRP/USD pair. The pair is now trading below $0.6120 and the 100-hourly Simple Moving Average.

If there is a fresh increase, the price could face resistance near the $0.6025 level or the 50% Fib retracement level of the downward move from the $0.6091 swing high to the $0.5957 low.

The first major resistance is near the $0.6060 level or the 76.4% Fib retracement level of the downward move from the $0.6091 swing high to the $0.5957 low. The next key resistance could be $0.6120. A clear move above the $0.6120 resistance might send the price toward the $0.6150 resistance.

XRP Price
Source: XRPUSD on TradingView.com

The next major resistance is near the $0.6200 level. Any more gains might send the price toward the $0.6350 resistance in the near term.

More Losses?

If XRP fails to clear the $0.6120 resistance zone, it could start another decline. Initial support on the downside is near the $0.5950 level. The next major support is at $0.5880.

If there is a downside break and a close below the $0.5880 level, the price might continue to decline toward the $0.5720 support in the near term. The next major support sits at $0.550.

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 – $0.5950 and $0.5880.

Major Resistance Levels – $0.6060 and $0.6120.

Comments

Post a Comment

Popular posts from this blog

Aave community proposes suspending Fantom-based integration

Image
The past month has seen a series of hacks in the crypto sector. The latest hack was on hardware wallets, where 15,000 Solana wallets were affected, resulting in a loss of around $4.6 million. Aave proposal removes Fantom integration One of the most persistent hacks in the crypto space is on DeFi bridges. Bridges are an essential infrastructure that allows users to transfer funds between blockchains. For example, the native assets on one network like Avalanche can exist on another like Harmony without needing a bridge. Given this large amount of money stolen from these blockchain bridges, one DeFi protocol is taking steps to lower the risks from the sector. A recent proposal on the Aave protocol suggested that the community suspends all Fantom-based integration. Buy Aave Now Your capital is at risk. The proposal from the Aave community says that halting Fantom integration would protect users by suspending the ability to deposit and borrow assets through the Aave V3 market...
Read more

Canadian crypto traders will have a harder time using leveraged bets

Image
Join Our Telegram channel to stay up to date on breaking news coverage Canadian umbrella financial regulator, the CSA (Canadian Securities Administrators) recently decided to create a new set of rules for crypto exchanges operating in the country, according to two unnamed sources familiar with the matter. Among the new changes is apparently the rule that all crypto trading platforms that wish to operate in the country must be registered, and everyone seeking registration must sign undertakings to comply with investor protections. The CSA (Canadian Securities Administrators) declined to reveal any details, saying it would do so "in the near future.” — DustyBC Crypto (@TheDustyBC) February 17, 2023 However, this is not the end of it, as the rules will also severely affect retail investors who wish to trade crypto currencies using leveraged bets. The CSA plan is to increase its oversight of crypto exchanges that operate in Canada. This will mean tighter rules whi...
Read more

Astar launches NFT campaign to celebrate mainnet launch

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Astar Network, a Polkadot parachain, has announced an NFT campaign to celebrate the mainnet release of Astar zkEVM, an Ethereum layer-2 chain powered by Polygon technology. Astar’s NFT campaign The Astar Network’s NFT campaign, scheduled for Q1 2024, aims to celebrate the launch of the Astar zkEVM mainnet, which was built utilizing the Polygon Chain Development Kit (CDK). The campaign draws inspiration from Astar Network’s Japanese roots by using the popular Japanese capsule machines and mechanisms to award random prizes. You might also like: Astar Network launches zKatana layer-2 scaling solution on public testnet To participate in this campaign , users are encouraged to explore the projects available on Astar zkEVM. The platform offers on-chain and off-chain quests, which users can complete to earn re...
Read more