Bitcoin

Resistance

XRP price is holding the key support at $0.5220. The bulls could aim for a fresh increase unless there is a close below the $0.5220 support. 
<ul> 
 <li>XRP is struggling to start a fresh increase above the $0.5350 resistance zone.</li> 
 <li>The price is now trading below $0.5320 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken).</li> 
 <li>The pair could start a fresh increase unless the bears push the price below $0.5220.</li> 
</ul> 
<h2 id="xrp-price-holds-support">XRP Price Holds Support</h2> 
XRP price again saw a bearish move and retested the $0.5220 support zone like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-struggles-67k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-support-3760/" target="_blank" rel="noopener ">Ethereum</a>. There was also a spike below the $0.5220 support zone, but the bulls were active. 
A low was formed at $0.5192 and the price is back above $0.5220. The price is now trading near the 23.6% Fib retracement level of the downward wave from the $0.5405 swing high to the $0.5192 low. It is now trading below $0.5320 and the 100-hourly Simple Moving Average. 
On the upside, the price is facing resistance near the $0.5280 level. There is also a key bearish trend line forming with resistance near $0.5280 on the hourly chart of the XRP/USD pair. 
The first key resistance is near $0.5300 or the 61.8% Fib retracement level of the downward wave from the $0.5405 swing high to the $0.5192 low. A close above the $0.5300 resistance zone could send the price higher. The next key resistance is near $0.540. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_39d891.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-610541 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_39d891.png?resize=1024%2C449" alt="XRP Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_39d891.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_39d891.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_39d891.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_39d891.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_39d891.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_39d891.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_39d891.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
If there is a close above the $0.540 resistance level, there could be a steady increase toward the $0.5450 resistance. Any more gains might send the price toward the $0.5650 resistance. 
<h2 id="more-downsides">More Downsides?</h2> 
If XRP fails to clear the $0.5280 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5220 level. 
The next major support is at $0.5120. If there is a downside break and a close below the $0.5120 level, the price might accelerate lower. In the stated case, the price could decline and retest the $0.50 support in the near term. 
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 – $0.5220 and $0.5120. 
Major Resistance Levels – $0.5280 and $0.5300.

XRP Price Steadies Above Support: Gearing Up for a Breakout?

Table of Contents

NewsBTC

Other articles published on May 30, 2024

NYSE Considers to Offer Crypto Trading if Regulatory Status Clearer

Top Meme Coins To Watch Today Thursday, May 30 – SolanoApe, TokenFi, Golden Inu, Dogeverse

Galxe Launches New Layer-1 Blockchain

SEC Commissioner pitches safe space for digital securities experiment

MoonBag Soars in Top Meme Coin Presale 2024 Race, Leaving Arweave and Solthana in the Dust

Shiba Inu Celebrates 3 Years Since Vitalik Buterin's Epic 410 Trillion SHIB Burn

Join our free newsletter for daily crypto updates!