XRP Price Faces Uphill Battle: Struggles to Initiate Fresh Upside
May 15 2024 - 1:18AM
NEWSBTC
XRP price is struggling to clear the $0.5120 resistance. The price
could decline again in the near term if it stays below $0.5060 and
$0.5120. XRP is struggling to gain pace for a move above the
$0.5120 level. The price is now trading below $0.5050 and the
100-hourly Simple Moving Average. There is a short-term declining
channel forming with resistance at $0.5040 on the hourly chart of
the XRP/USD pair (data source from Kraken). The pair could start a
decent increase if there is a close above the $0.5120 resistance.
XRP Price Stuck Near $0.50 Yesterday, we discussed how XRP price
started a recovery wave, like Bitcoin and Ethereum. There was a
move above the $0.4950 and $0.50 resistance levels. The price even
moved above $0.5100, but the bears were active near the $0.5120
resistance. A high was formed at $0.5120 and the price is now
correcting gains. There was a move below the 50% Fib retracement
level of the upward move from the $0.4865 swing low to the $0.5120
high. The price is now trading below $0.5050 and the 100-hourly
Simple Moving Average. However, the bulls are active above the
61.8% Fib retracement level of the upward move from the $0.4865
swing low to the $0.5120 high. Immediate resistance is near the
$0.5040 level and the 100-hourly Simple Moving Average. There is
also a short-term declining channel forming with resistance at
$0.5040 on the hourly chart of the XRP/USD pair. The first key
resistance is near $0.5060. A close above the $0.5060 resistance
zone could send the price higher. The next key resistance is near
$0.5120. If the bulls remain in action above the $0.5120 resistance
level, there could be a rally toward the $0.5250 resistance. Any
more gains might send the price toward the $0.5350 resistance. More
Losses? If XRP fails to clear the $0.5040 resistance zone, it could
continue to move down. Initial support on the downside is near the
$0.4965 level. The next major support is at $0.4925. If there is a
downside break and a close below the $0.4925 level, the price might
accelerate lower. In the stated case, the price could even drop
below the $0.4865 support zone. Technical Indicators Hourly MACD –
The MACD for XRP/USD is now losing pace in the bearish zone. Hourly
RSI (Relative Strength Index) – The RSI for XRP/USD is now below
the 50 level. Major Support Levels – $0.4965 and $0.4925. Major
Resistance Levels – $0.5040 and $0.5120.
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