XRP Price Struggle Continues: Can Bulls Turn It Around?
2024-10-08

XRP price is struggling to rise above the $0.550 level. The price must clear the $0.5450 and $0.5500 resistance levels to start a decent increase.
XRP Price Eyes Upside Break
XRP price remained well-bid above the $0.5080 support level, unlike Bitcoin and Ethereum. The price started a slow upward move above the $0.5220 and $0.5320 resistance levels.
There was a break above a key bearish trend line with resistance at $0.5380 on the hourly chart of the XRP/USD pair. However, the bears were active near the $0.5450 resistance level. They protected 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 near $0.5250 and the 100-hourly Simple Moving Average. If there is another increase, the price might face resistance near the $0.5350 level. The first major resistance is near the $0.5450 level.
The next key resistance could be $0.5500. A clear move above the $0.5500 resistance might send the price toward the $0.5850 resistance. It is close to the 50% Fib retracement level of the downward wave from the $0.6640 swing high to the $0.5070 low. 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 $0.5450 resistance zone, it could start another decline. Initial support on the downside is near the $0.5220 level. The next major support is near the $0.5150 level.
If there is a downside break and a close below the $0.5150 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 – $0.5250 and $0.5120.
Major Resistance Levels – $0.5450 and $0.5500.