XRP Price Consolidates below $0.50, Struggling to Start a Steady Increase

XRP price extended losses below $0.50 like Bitcoin before the bulls appeared. The price tested the $0.4765 level and recently started a recovery wave.

XRP price is struggling to start a steady increase above the $0.50 level. The price must settle above the $0.50 and $0.510 levels to gain bullish momentum in the near term.

XRP Price Is Consolidating

XRP price is trading below the $0.50 level like Bitcoin before the bulls emerge. He extended his losses. The price tested the $0.4765 level and recently started a recovery wave. A low was formed at $0.4765 and the price climbed within a range.

There was a move above the $0.4800 and $0.4850 resistance levels. The bulls carried the price above the 50% Fib retracement level of the last decline from the $0.5105 swing high to the $0.4765 low. The price is now trading above the $0.4850 level and the 100 hourly Simple Moving Average.

However, the price seems to be facing hurdles near the $0.4980 and $0.50 levels. There is also a short-term ascending channel forming with resistance at $0.500 on the hourly chart of the XRP/USD pair. The resistance coincides with the 61.8% Fib retracement level of the last decline (from the $0.5105 swing high to $0.4765 low).

A clear move above the $0.50 resistance could send the price towards the $0.510 resistance. The next major resistance is near the $0.520 level. A close above the $0.520 resistance level could send the price higher. The next major resistance is near the $0.5320 level.

If the bulls push the price above the $0.5320 resistance level, there could be a steady increase towards the $0.550 resistance. Any further gains could send the price towards the $0.5650 resistance.

Another Decline?

XRP could start another decline if it fails to clear the $0.50 resistance zone. The first support on the downside is near the $0.90 level and the channel zone.

The next major support is at $0.4840. If there is a downside break and a close below the $0.4840 level, the price could gain bearish momentum. In the mentioned case, the price could decline below the $0.4765 low even in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.

Major Support Levels – $0.4840 and $0.4765.

Major Resistance Levels – 0.500 $ and $0.510.

News source：

https://www.kdj.com/cryptocurrencies-news/articles/xrp-price-consolidates-struggling-start-steady-increase.html*&*

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