HomeAltcoin NewsXRP Price Analysis: Key Support Intact But Can It Restart Increase?

XRP Price Analysis: Key Support Intact But Can It Restart Increase?

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  • XRP price started a downside correction below the $0.532 zone against the US dollar.
  • The price is now trading below $0.525 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.5150 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh increase above the $0.535 resistance.

XRP price is consolidating near $0.520 against the US Dollar, like Bitcoin. It must stay above the $0.50 support to start a fresh increase.

XRP Price Analysis

This past week, XRP price made another attempt to clear the $0.550 resistance against the US Dollar. The XRP/USD pair struggled to clear $0.550 and started a downside correction.

There was a move below the $0.540 and $0.532 support levels. However, the bulls were active above the $0.514 support. A low has formed near $0.514 and the price is now consolidating losses. XRP is now trading below $0.525 and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near $0.522. It is also near the 23.6% Fib retracement level of the downward move from the $0.5510 swing high to the $0.5140 low.

The next major resistance is near the $0.525 level. The first major resistance is near the $0.535 zone or the 61.8% Fib retracement level of the downward move from the $0.5510 swing high to the $0.5140 low. A clear move above the $0.535 resistance zone might start a strong increase.

In the stated case, the price could even surpass the $0.550 zone and test $0.585. Any more gains might send the price toward the $0.60 resistance.

Initial support on the downside is near the $0.515 level. There is also a key bullish trend line forming with support near $0.5150 on the 4-hour chart of the XRP/USD pair. The next major support is near the $0.14 level. Any more losses could lead the price toward the $0.50 level, below which the price might even test the $0.465 support zone in the near term.

XRP Price
XRP Price

Looking at the chart, XRP price is now trading below the $0.525 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.535 resistance.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.

Key Support Levels – $0.515, $0.514, and $0.500.

Key Resistance Levels – $0.535 and $0.550.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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