XRP Price Faces Hurdles: Will It Overcome the Obstacles?

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.

XRP Price

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.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Latest posts

post-thumbnail
Korea Blockchain Week Announces New Headline Speakers and Welcomes Sui as Official Partner
Asia’s most impactful crypto industry event, the Korea Blockchain Week, has announced Sui as the o...
READ MORE
post-thumbnail
Polkadot’s Ajuna Network Halves Block Time with Async Backing
Polkadot-based gaming protocol Ajuna Network has introduced its asynchronous backing engine. This up...
READ MORE
post-thumbnail
Gary Gensler and SEC Relent: Ripple Faces Reduced $102 Million Penalty in XRP Case
Ripple’s ongoing legal battle with the SEC sees a significant reduction in penalties. The SEC’s ...
READ MORE
post-thumbnail
BitMEX’s Arthur Hayes Projects Aptos to Eclipse Solana in Blockchain Leadership
Arthur Hayes predicts that Layer 1 blockchain Aptos will surpass Solana within two to three years. H...
READ MORE
post-thumbnail
Game-Changing Altcoins That Could Transform You Into A Crypto Millionaire in 2024
A few altcoins are gaining traction as game-changers in the dynamic and quickly changing world of cr...
READ MORE
post-thumbnail
XRP Price Poised for Major Rally: Key Indicators and Whale Moves
XRP nears critical support line, suggesting a significant potential rally. Technical indicators sign...
READ MORE
post-thumbnail
Beyond XRP Institutional Adoption: Unveiling Potential Beneficiaries Like TON, TRX, and APORK
Ripple completed its acquisition of Standard Custody & Trust Company, and as a result, this coul...
READ MORE
post-thumbnail
XRP Surges Amid 80M Whale Moves: What It Means for Future Prices
Whale investors moved nearly 80 million XRP, stirring market speculation. Ripple collaborates with t...
READ MORE
post-thumbnail
Technium Strengthens Global Footprint with New Initiatives in Cryptocurrency Adoption
June 14, 2024 – Technium International Limited is proud to announce a series of innovative initiat...
READ MORE
post-thumbnail
Polygon and Ternoa Collaborate: Introducing zkEVM+ for Digital Asset Security
Ternoa launches zkEVM+ for enhanced digital asset security on Ethereum. Collaboration with Polygon C...
READ MORE
Read more posts