XRP Price Stuck in a Range: Will It Break Out Soon?

XRP
price
again
struggled
to
continue
higher
above
the
$0.540
resistance.
It
is
now
consolidating
near
$0.5320
and
might
aim
for
an
upside
break.

• XRP
  is
  still
  facing
  many
  hurdles
  near
  the
  $0.5420
  zone.
• The
  price
  is
  now
  trading
  near
  $0.5320
  and
  the
  100-hourly
  Simple
  Moving
  Average.
• There
  is
  a
  connecting
  bullish
  trend
  line
  forming
  with
  support
  near
  $0.5265
  on
  the
  hourly
  chart
  of
  the
  XRP/USD
  pair
  (data
  source
  from
  Kraken).
• The
  pair
  could
  start
  a
  fresh
  increase
  if
  the
  bulls
  remain
  active
  above
  the
  $0.5220
  zone.

XRP
Price
Holds
Support

In
the
past
few
sessions,
XRP
price
traded
in
a
positive
zone
like

Bitcoin
and

Ethereum.
However,
the
bears
were
active
near
the
$0.540
and
$0.5420
resistance
levels.

The
recent
high
was
formed
at
$0.5405
and
the
price
is
now
correcting
gains
in
a
range.
There
was
a
move
below
the
$0.5340
support
zone
and
the
price
spiked
below
the
50%
Fib
retracement
level
of
the
upward
move
from
the
$0.5234
swing
low
to
the
$0.5405
high.

However,
the
bulls
are
active
near
the
$0.530
zone
and
the
61.8%
Fib
retracement
level
of
the
upward
move
from
the
$0.5234
swing
low
to
the
$0.5405
high.
There
is
also
a
connecting
bullish
trend
line
forming
with
support
near
$0.5265
on
the
hourly
chart
of
the
XRP/USD
pair.

The
pair
is
now
trading
near
$0.5320
and
the
100-hourly
Simple
Moving
Average.
Immediate
resistance
is
near
the
$0.5365
level.
The
first
key
resistance
is
near
$0.5420.
A
close
above
the
$0.5420
resistance
zone
could
send
the
price
higher.
The
next
key
resistance
is
near
$0.5450.

If
there
is
a
close
above
the
$0.5450
resistance
level,
there
could
be
a
steady
increase
toward
the
$0.5550
resistance.
Any
more
gains
might
send
the
price
toward
the
$0.5720
resistance.

More
Downsides?

If
XRP
fails
to
clear
the
$0.5420
resistance
zone,
it
could
continue
to
move
down.
Initial
support
on
the
downside
is
near
the
$0.5265
level
and
the
trend
line.

The
next
major
support
is
at
$0.520.
If
there
is
a
downside
break
and
a
close
below
the
$0.520
level,
the
price
might
gain
bearish
momentum.
In
the
stated
case,
the
price
could
decline
and
retest
the
$0.5120
support
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
above
the
50
level.

Major
Support
Levels
–
$0.5300
and
$0.5200.

Major
Resistance
Levels
–
$0.5365
and
$0.5420.