XRP price is moving higher from the $0.5250 support. The price could gain bullish momentum if it clears the $0.5450 and $0.5500 resistance levels.
- XRP price is attempting a fresh increase above the $0.5320 support.
- The price is now trading above $0.5350 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $0.5310 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.5450 and $0.5500 resistance levels.
XRP Price Holds Key Support
XRP price remained stable above the $0.5240 support. A base was formed and the price started a fresh increase above $0.5350 like Bitcoin and Ethereum.
The price climbed above the 61.8% Fib retracement level of the downward move from the $0.5430 swing high to the $0.5252 low. Besides, there was a break above a key bearish trend line with resistance at $0.5310 on the hourly chart of the XRP/USD pair.
The price is now trading above $0.5350 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5390 level. It is close to the 76.4% Fib retracement level of the downward move from the $0.5430 swing high to the $0.5252 low.
The first major resistance is near the $0.5400 level. The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5680 resistance or even $0.5750 in the near term. The next major hurdle might be $0.600, where the bears might emerge.
Another Decline?
If XRP fails to clear the $0.540 resistance zone, it could start another decline. Initial support on the downside is near the $0.5340 level and the 100-hourly Simple Moving Average. The next major support is near the $0.5280 level.
If there is a downside break and a close below the $0.5280 level, the price might continue to decline toward the $0.5250 support in the near term. The next major support sits near the $0.5120 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.
Major Support Levels – $0.5340 and $0.5280.
Major Resistance Levels – $0.5400 and $0.5450.
Source: NewsBTC.com
