XRP Price Faces Support Test: Is a Rebound on The Horizon?

Source Newsbtc

XRP price is correcting gains from the $0.530 zone. The price is testing the $0.520 support and might bounce back to start a fresh increase.

  • XRP price is eyeing more gains above the $0.5300 zone.
  • The price is now trading above $0.5200 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $0.520 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if it settles above the $0.5300 resistance zone.

XRP Price Revisits Support

XRP price started a decent upward move above the $0.5150 zone. There was a move above the $0.520 resistance but it lagged Bitcoin and Ethereum. The bulls were able to push the price above the $0.5250 resistance.

The price traded as high as $0.5307 and is currently correcting gains. There was a drop below the $0.5265 level. The price dipped below the 50% Fib retracement level of the upward wave from the $0.5111 swing low to the $0.5307 high.

The price is now trading above $0.5200 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.520 on the hourly chart of the XRP/USD pair.

XRP Price

On the upside, the price might face resistance near the $0.5250 level. The first major resistance is near the $0.5300 level. The next key resistance could be $0.5320. A clear move above the $0.5320 resistance might send the price toward the $0.5450 resistance. Any more gains might send the price toward the $0.5550 resistance or even $0.5850 in the near term. The next major hurdle might be $0.6000.

Downside Break?

If XRP fails to clear the $0.5250 resistance zone, it could start another decline. Initial support on the downside is near the $0.5200 level. The next major support is near the $0.5185 level and the 61.8% Fib retracement level of the upward wave from the $0.5111 swing low to the $0.5307 high.

If there is a downside break and a close below the $0.5185 level, the price might continue to decline toward the $0.5050 support in the near term. The next major support sits near the $0.5000 zone.

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 – $0.5200 and $0.5185.

Major Resistance Levels – $0.5250 and $0.5300.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, Mon
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Microsoft FY25Q1 Earnings Preview: Will Concerns Over Copilot’s AI Returns Ease? Insights - Microsoft (MSFT) is set to announce its Q1 FY2025 earnings after the market closes on October 30, 2024.
Author  Mitrade
Yesterday 02: 27
Insights - Microsoft (MSFT) is set to announce its Q1 FY2025 earnings after the market closes on October 30, 2024.
placeholder
Gold price hits fresh record high on US election uncertainty, geopolitical risksGold prices (XAU/USD) climbs to a fresh record high during the Asian session on Wednesday as uncertainties surrounding the US presidential election, and the Middle East conflict continue to boost demand for traditional safe-haven assets.
Author  FXStreet
Yesterday 06: 49
Gold prices (XAU/USD) climbs to a fresh record high during the Asian session on Wednesday as uncertainties surrounding the US presidential election, and the Middle East conflict continue to boost demand for traditional safe-haven assets.
placeholder
Ethereum Co-Founder Buterin Introduces ‘The Splurge’ UpgradeEthereum co-founder Vitalik Buterin has unveiled “The Splurge,” a comprehensive set of protocol upgrades aimed at addressing a variety of challenges within the Ethereum ecosystem. I
Author  Bitcoinist
Yesterday 06: 52
Ethereum co-founder Vitalik Buterin has unveiled “The Splurge,” a comprehensive set of protocol upgrades aimed at addressing a variety of challenges within the Ethereum ecosystem. I
placeholder
2 Things to Watch When Uber Reports Its Q3 2024 ResultsTradingKey - Two decades ago, ride-hailing wasn’t a term that anyone had heard of. However, the rise of massive ride-hailing platforms have changed that and allowed anyone to catch a card ride when th
Author  Mitrade
21 hours ago
TradingKey - Two decades ago, ride-hailing wasn’t a term that anyone had heard of. However, the rise of massive ride-hailing platforms have changed that and allowed anyone to catch a card ride when th
goTop
quote