{"id":2167,"date":"2024-08-30T04:18:17","date_gmt":"2024-08-30T04:18:17","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=2167"},"modified":"2024-08-30T04:18:17","modified_gmt":"2024-08-30T04:18:17","slug":"xrp-price-trapped-in-a-tight-range-will-it-break-free","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=2167","title":{"rendered":"XRP Price Trapped in a Tight Range: Will It Break Free?"},"content":{"rendered":"

ItXRP price remained in a tight range below the $0.60 barrier. The price could extend losses if there is a close below the $0.5550 support zone.<\/em><\/p>\n

XRP price started a consolidation phase below the $0.600 zone.
\nThe price is now trading below $0.5750 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance at $0.570 on the hourly chart of the XRP\/USD pair (data source from Kraken).
\nThe pair could attempt a recovery wave if it clears the $0.5750 resistance zone.<\/p>\n

XRP Price Starts Consolidation<\/h2>\n

XRP price remained stable above the $0.5550 support like Bitcoin<\/a> and Ethereum<\/a>. The price attempted a recovery wave, but it was short-lived. It climbed above the $0.5650 level and tested $0.5750 before there was another decline.<\/p>\n

The price retested the $0.5550 support. A low was formed at $0.5567 and the price is now consolidating losses. It managed to rise above the 23.6% Fib retracement level of the recent decline from the $0.5767 swing high to the $0.5567 low.<\/p>\n

The price is still trading below $0.5750 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5680 level. The first major resistance is near the $0.570 level. There is also a connecting bearish trend line forming with resistance at $0.570 on the hourly chart of the XRP\/USD pair.<\/p>\n

<\/a><\/p>\n

The trend line is close to the 61.8% Fib retracement level of the recent decline from the $0.5767 swing high to the $0.5567 low. The next key resistance could be $0.5750. A clear move above the $0.5750 resistance might send the price toward the $0.5850 resistance. The next major resistance is near the $0.6020 level. Any more gains might send the price toward the $0.6160 resistance or even $0.6250 in the near term.<\/p>\n

More Losses?<\/h2>\n

If XRP fails to clear the $0.570 resistance zone, it could start another decline. Initial support on the downside is near the $0.560 level. The next major support is at $0.5550.<\/p>\n

If there is a downside break and a close below the $0.5550 level, the price might continue to decline toward the $0.5320 support in the near term. The next major support sits at $0.5120.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 The MACD for XRP\/USD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for XRP\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $0.5600 and $0.5550.<\/p>\n

Major Resistance Levels \u2013 $0.5700 and $0.5850.<\/p>","protected":false},"excerpt":{"rendered":"

ItXRP price remained in a tight range below the $0.60 barrier. The price could extend losses if there is a close below the $0.5550 support zone. XRP price started a consolidation phase below the $0.600 zone. The price is now trading below $0.5750 and the 100-hourly Simple Moving Average. There is a connecting bearish trend […]<\/p>\n","protected":false},"author":0,"featured_media":2168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2167"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2167"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2168"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}