XRP price is rising from the $0.5220 support. The price could gain bullish momentum if it overcomes the $0.5360 and $0.5450 resistance levels.
- XRP price is slowly rising above the $0.5320 support.
- The price is now trading above $0.5340 and the 100 hourly simple moving average.
- There is a bullish trendline forming with support at $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it overcomes the $0.5360 and $0.5450 resistance levels.
XRP Price Aims Higher
XRP price remained stable above the $0.5220 support, contrary Bitcoin and Ethereum. A base was formed and the price started a new increase above $0.5350.
There was a test of the $0.5450 resistance before the price fell back to $0.5240. A low was formed at $0.5239 and the price is rising again. There was a range-bound increase and the price rose above the $0.5320 resistance.
The price surpassed the 50% Fibonacci retracement level of the recent decline from the $0.5439 swing high to $0.5239 low. The price is now trading above $0.5320 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $0.5280 on the hourly chart of the XRP/USD pair.
On the upside, the price may face resistance near the $0.5360 level. It is near the 61.8% Fibonacci retracement level of the recent decline from the $0.5439 high to $0.5239 low.
The first major resistance is near the $0.5420 level. The next key resistance could be $0.5450. A clear move above the $0.5450 resistance could send the price towards the $0.5500 resistance. Any further gains could send the price towards the $0.5680 or even $0.5750 resistance in the near term. The next big hurdle could be $0.600.
Another decline?
If XRP fails to break above the $0.5360 resistance zone, it could begin another decline. Initial downside support is near the $0.5285 level. The next major support is near the $0.5240 level.
If there is a downside breakout and close below the $0.5220 level, the price could continue falling towards the $0.5120 support in the near term. The next major support is near the $0.5050 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.5285 and $0.5220.
Main resistance levels – $0.5360 and $0.5450.