XRP Price Faces Hurdles: Will It Overcome the Obstacles?
June 06 2024 - 12:08AM
NEWSBTC
XRP price is slowly moving higher above the $0.5200 zone. It is now
facing hurdles near $0.5320 and might correct lower in the near
term. XRP is attempting a fresh increase above the $0.5250 zone.
The price is now trading above $0.5220 and the 100-hourly Simple
Moving Average. There was a break below a key bullish trend line
with support at $0.5260 on the hourly chart of the XRP/USD pair
(data source from Kraken). The pair could correct lower toward the
$0.5220 support before the bulls appear again. XRP Price Gains
Traction XRP price remained well-supported above the $0.5120 zone
and extended its increase like Bitcoin and Ethereum. The price was
able to clear the $0.5200 and $0.5250 levels. There was a clear
move above the $0.5300 resistance and the price tested the $0.5320
zone. A high was formed at $0.5325 and the price is now correcting
gains. It traded below the 23.6% Fib retracement level of the
upward move from the $0.5080 swing low to the $0.5325 high. There
was also a break below a key bullish trend line with support at
$0.5260 on the hourly chart of the XRP/USD pair. The pair is now
trading above $0.5220 and the 100-hourly Simple Moving Average. On
the upside, the price is facing resistance near the $0.5200 level.
The first key resistance is near $0.5320. The next major resistance
is near the $0.5350 level. A close above the $0.5350 resistance
zone could send the price higher. The next key resistance is near
$0.550. If there is a close above the $0.550 resistance level,
there could be a steady increase toward the $0.5560 resistance. Any
more gains might send the price toward the $0.5650 resistance. More
Losses? If XRP fails to clear the $0.5350 resistance zone, it could
continue to move down. Initial support on the downside is near the
$0.5260 level. The next major support is at $0.5200 or the 50% Fib
retracement level of the upward move from the $0.5080 swing low to
the $0.5325 high. If there is a downside break and a close below
the $0.520 level, the price might accelerate lower. In the stated
case, the price could decline and retest the $0.5120 support in the
near term. Technical Indicators Hourly MACD – The MACD for XRP/USD
is now losing pace in the bullish zone. Hourly RSI (Relative
Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5260 and $0.5220. Major Resistance Levels
– $0.5300 and $0.5320.
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