XRP Price Range-Bound: Can It Maintain Support and Break Out?
30 Luglio 2024 - 6:18AM
NEWSBTC
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. 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.
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