XRP price is recovering above the $0.500 resistance. The price is signaling a positive trend and could rise above the $0.580 and $0.600 levels.
- XRP is attempting a recovery wave above the $0.50 zone.
- The price is now trading above $0.5150 and the 100 simple moving average (4-hours).
- There was a break above a downtrend line with resistance at $0.5220 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if there is a close above the $0.580 resistance.
XRP Price Aims Higher
After a sharp decline, XRP price found support near the $0.3880 zone. It formed a base and started a new increase above the $0.450 resistance, as Bitcoin It is Ethereum. The bulls managed to push the price above the $0.50 resistance.
The price rose above the 50% Fibonacci retracement level of the downward move from the high of $0.6420 to the low of $0.3875. Additionally, there was a break above a downtrend line with resistance at $0.5220 on the 4-hour chart of the XRP/USD pair.
The price is now trading above $0.5150 and the 100 simple moving average (4-hours). Immediate resistance is near the $0.5650 level. The next key resistance is near $0.5820 or the 76.4% Fibonacci retracement level of the downward move from the $0.6420 high to $0.3875 low.
Source: XRPUSD on TradingView.com
A close above the $0.5820 resistance zone could trigger a strong rise. The next key resistance is near $0.620. If the bulls remain in action above the $0.620 resistance level, there could be a rally towards the $0.680 resistance. Any further gains could send the price towards the $0.700 resistance.
Another drop?
If XRP fails to break above the $0.5820 resistance zone, it could begin another decline. Initial downside support is near the $0.540 level.
The next major support is at $0.5150. If there is a downside breakout and a close below the $0.5150 level, the price could accelerate lower. In the stated case, the price could retest the $0.4650 support zone.
Technical Indicators
4-hour MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.540, $0.5150 and $0.4650.
Main resistance levels – $0.5650, $0.5820 and $0.6200.
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s opinion on buying, selling or holding any investments and, naturally, investing carries risks. We advise that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.