The post Will It Break Out Soon? appeared on BitcoinEthereumNews.com.

XRP price again struggled to continue higher above the $0.540 resistance. It is now consolidating near $0.5320 and might aim for an upside break. XRP is still facing many hurdles near the $0.5420 zone. The price is now trading near $0.5320 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support near $0.5265 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase if the bulls remain active above the $0.5220 zone. XRP Price Holds Support In the past few sessions, XRP price traded in a positive zone like Bitcoin and Ethereum. However, the bears were active near the $0.540 and $0.5420 resistance levels. The recent high was formed at $0.5405 and the price is now correcting gains in a range. There was a move below the $0.5340 support zone and the price spiked below the 50% Fib retracement level of the upward move from the $0.5234 swing low to the $0.5405 high. However, the bulls are active near the $0.530 zone and the 61.8% Fib retracement level of the upward move from the $0.5234 swing low to the $0.5405 high. There is also a connecting bullish trend line forming with support near $0.5265 on the hourly chart of the XRP/USD pair. The pair is now trading near $0.5320 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.5365 level. The first key resistance is near $0.5420. A close above the $0.5420 resistance zone could send the price higher. The next key resistance is near $0.5450. Source: XRPUSD on TradingView.com If there is a close above the $0.5450 resistance level, there could be a steady increase toward the $0.5550 resistance. Any more gains might send the price toward the $0.5720 resistance. More Downsides?…

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Filed under: News - @ May 28, 2024 11:26 am