XRP Price Eyes Breakout: Will It Recover Lost Ground?
2024-10-07

XRP price is consolidating above the $0.5080 support level. The price could gain pace if it clears the $0.5450 resistance zone in the near term.
XRP Price Eyes Recovery
XRP price extended its decline below the $0.5350 level, underperforming Bitcoin and Ethereum. The price even declined heavily below the $0.5250 support zone.
A low was formed at $0.5070 and the price is now consolidating losses. There was a minor move above the $0.5250 level. Recently, the price tested the 23.6% Fib retracement level of the downward wave from the $0.6640 swing high to the $0.5070 low.
The price is now trading above $0.5250 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5450 level. There is also a key bearish trend line forming with resistance at $0.5450 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $0.5500 level. The next key resistance could be $0.5650. A clear move above the $0.5650 resistance might send the price toward the $0.580 resistance. Any more gains might send the price toward the $0.6000 resistance or even $0.6050 in the near term.
Another Decline?
If XRP fails to clear the $0.5450 resistance zone, it could start another decline. Initial support on the downside is near the $0.5300 level. The next major support is near the $0.5250 level.
If there is a downside break and a close below the $0.5250 level, the price might continue to decline toward the $0.5120 support in the near term. The next major support sits near the $0.5080 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 – $0.5250 and $0.5120.
Major Resistance Levels – $0.5450 and $0.5500.