XRP Price Coiling for a Leap: Can It Finally Break Through?

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XRP price is stuck in a tiny range below the $0.550 level. The price must clear the $0.5450 and $0.5500 resistance levels to start a fresh increase.

• XRP price is still stuck in a range above the $0.5080 support.
• The price is now trading near $0.5320 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $0.5340 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could gain bullish momentum if it clears the $0.5360 and $0.5450 resistance levels.

XRP Price Eyes Fresh Surge

XRP price remained supported above the $0.5080 support level. The price started a consolidation phase above the $0.5120 level, unlike Bitcoin and Ethereum.

There was a minor increase within a range and the price climbed above the $0.5250 resistance. There was a move above the $0.5320 level. However, the bears are active near the 50% Fib retracement level of the downward wave from the $0.5453 swing high to the $0.5211 low.

The price is now trading near $0.5320 and the 100-hourly Simple Moving Average. If there is another increase, the price might face resistance near the $0.5340 level. There is also a connecting bearish trend line forming with resistance at $0.5340 on the hourly chart of the XRP/USD pair.

Source: XRPUSD on TradingView.comThe first major resistance is near the $0.5460 level or the 61.8% Fib retracement level of the downward wave from the $0.5453 swing high to the $0.5211 low. The next key resistance could be $0.5550. A clear move above the $0.5550 resistance might send the price toward the $0.5800 resistance. Any more gains might send the price toward the $0.6000 resistance or even $0.6050 in the near term. The next major hurdle might be $0.6250.

Another Decline?

If XRP fails to clear the $0.5360 resistance zone, it could start another decline. Initial support on the downside is near the $0.5200 level. The next major support is near the $0.5165 level.

If there is a downside break and a close below the $0.5165 level, the price might continue to decline toward the $0.5050 support in the near term. The next major support sits near the $0.5000 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5200 and $0.5165.

Major Resistance Levels – $0.5360 and $0.5450.