XRP Consolidates Slowly While Approaching Major Breakout Level

XRP consolidates slowly while approaching a major breakout level and it is facing a major resistance near the $0.5000 against the US dollar with the price staying above the, could help it avoid another downside break so let’s read more in our latest Ripple price news today.

Ripple is facing a new uphill task near the $0.4950 resistance level against the dollar and XRP consolidates slowly above the $0.4500 and tests the 100 simple moving average with a new break below the triangle support close to the $0.4700 on the 4-hour charts of the pair. The XRP/USD pair could rally above $0.5000 or it could dive below $0.4500.

There was a decent recovery in the XRP price above the $0.4200 and the $0.4500 resistance levels with the price even settling nicely above the $0.4500 level and the 100 simple moving average. However, with the price struggling to clear the $0.450 and the $0.500 resistnace, BTC and ETH climbed higher and XRP corrected from the $0.4950 support level. The price traded below the 23.6% fib retracement level from the upwards move at $0.3937 low to the $0.4954 high with a new break below the triangle and support near the $0.4700 on the 4-hour chart of the pair.

The price is consolidating above the $0.4500 and testing the 100 simple moving average now with the 50% fib retracement level from the upwards move at $0.3937 low to $0.4954 high being near the $0.4500 support. If there’s another downside break below the $0.4500 support zone, there will be another decline and in this case, the price will revisit the $0.400 support. If XRP stays above the $0.4500 support, it will certainly start a fresh increase with the initial resistance on the upside being 4500 support, it will certainly start a fresh increase with the initial resistance on the upside being $0..
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4950.

The main resistance is still near the $0.500 level with another break above it that could start a strong increase for sure. The next major resistance is close to the $0.5200 level above which It will surge towards the $0.550 level. The 4-hour MACD for the pair is struggling to gain pace in the bullish zone while the 4-hour RSI is well below the 50 level. The major support levels include $0.4500, $0.4200, and $0.400 while the major resistance level is set at $0.4950, $0.5000 and $0.5500.

As recently reported, XRP formed a support base above $0.4500 and recovered higher against the dollar with the price trading well above the $0.4500 support and the 100 hourly simple moving average. There’s also another bullish trend line forming on the hourly charts of the pair with it continuously shooting higher above the $0.4800 resistance levels