XRP Price Steadies at Support But Where’s The Bullish Push?

Key Takeaways:

XRP price is consolidating above the $0.5080 support zone. A key rising channel is forming with support at $0.5300 on the daily chart. The price could gain bullish momentum if it clears the $0.5600 resistance.

XRP is stuck in a tiny range above $0.500. To start a steady increase, the price must settle above the 50-day simple moving average (blue).

XRP Price Faces Key Hurdles

After a strong rejection near the $0.6660 zone, the XRP price saw a bearish reaction. The price dipped below the $0.6250 and $0.600 support levels. However, the bulls were active above the $0.500 support.

A low was formed at $0.5086 and the price started a consolidation phase whereas Bitcoin and Ethereum saw bullish moves. The price is consolidating near the 23.6% Fib retracement level of the downward move from the $0.6660 swing high to the $0.5086 low.

XRP price daily chart | Source: TradingView.com

XRP price seems to be trading in a tiny range and facing heavy resistance near the 50-day simple moving average (blue) and $0.5600. The price must settle above the $0.5600 resistance zone to start a steady increase.

The next key barrier sits near the $0.5880 level. The first major resistance could be the 61.8% Fib retracement level of the downward move from the $0.6660 swing high to the $0.5086 low at $0.6060.

A convincing move and close above the $0.6060 resistance zone could send the price toward the $0.6660 level. Any more gains might open the doors for a test of $0.6850. The next major pivot zone is $0.7200, above which the price could surge and test $0.8800.

More Downsides?

Conversely, the XRP price might fail to clear the $0.560 resistance zone and react to the downside. Immediate support is near the $0.530 level. On the daily chart, a key rising channel is forming with support at $0.5300.

The first major support is $0.5080. A downside break below this support might call for a drop toward the $0.4450 support. The next major support is near the $0.4320 level, below which the price could test $0.4020 support. Any more losses might send the price toward the $0.3850 level or even $0.3720.

Overall, XRP price is still consolidating above the $0.530 and $0.5080 support levels. The price must settle above the $0.560 resistance to gain bullish momentum.

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