Bitcoin

Resistance

XRP price extended its increase above the $0.5450 resistance. The price is now correcting gains and might remain strong above the 100-hourly SMA. 
<ul> 
 <li>XRP extended its increase above the $0.5450 resistance zone.</li> 
 <li>The price is now trading above $0.5250 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bullish trend line forming with support at $0.5330 on the hourly chart of the XRP/USD pair (data source from Kraken).</li> 
 <li>The pair is correcting gains, but there could be a fresh increase unless there is a close below the 100-hourly SMA.</li> 
</ul> 
<h2 id="xrp-price-holds-ground">XRP Price Holds Ground</h2> 
After a close above the $0.520 level, XRP price remained in a positive zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-dips-70k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rally-4k-2/" target="_blank" rel="noopener ">Ethereum</a>. It cleared the $0.5320 and $0.5450 resistance levels. There was also a spike above the $0.550 level. 
A new weekly high was formed at $0.5571, and the price is now correcting gains. There was a move below the $0.5450 level. The price dipped below the 23.6% Fib retracement level of the upward wave from the $0.5065 swing low to the $0.5571 high. 
It is now trading above $0.530 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.5330 on the hourly chart of the XRP/USD pair. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_41f74d.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="size-full wp-image-609213" src="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_41f74d.png?resize=1024%2C449" alt="XRP Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_41f74d.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_41f74d.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_41f74d.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_41f74d.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_41f74d.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_41f74d.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_41f74d.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Immediate resistance is near the $0.5380 level. The first key resistance is near $0.5450. A close above the $0.5450 resistance zone could send the price higher. The next key resistance is near $0.5570. If the bulls push the price above the $0.5570 resistance level, there could be a steady increase toward the $0.5650 resistance. Any more gains might send the price toward the $0.5720 resistance. 
<h2 id="more-losses">More Losses?</h2> 
If XRP fails to clear the $0.5450 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5330 level and the trend line. It is close to the 50% Fib retracement level of the upward wave from the $0.5065 swing low to the $0.5571 high. 
The next major support is at $0.5250. The main support is now near $0.5185. If there is a downside break and a close below the $0.5185 level, the price might accelerate lower. In the stated case, the price could drop and test the $0.5065 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 – $0.5330 and $0.5185. 
Major Resistance Levels – $0.5450 and $0.5570.

Will XRP Price Hold 100 SMA and Trigger a Fresh Increase?

목차

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