XRP price is gaining pace above the $0.5350 support zone. The price is rising and might even aim for a move above the $0.5650 resistance.
- XRP price is gaining pace above the $0.5350 zone.
- The price is now trading above $0.5400 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $0.5450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it settles above the $0.5550 resistance zone.
XRP Price Gains Strength
XRP price remained supported above the $0.5050 level. It formed a base and started a fresh increase above $0.5150 like Bitcoin and Ethereum. There was a move above the $0.5320 and $0.5350 resistance levels.
The bulls even pushed the price above the $0.5500 barrier. A high is formed at $0.5580 and the price is now eyeing more gains. It is stable above the 23.6% Fib retracement level of the upward move from the $0.5267 swing low to the $0.5580 high.
The price is now trading above $0.5400 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.5450 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $0.5580 level. The first major resistance is near the $0.5650 level. The next key resistance could be $0.5720. A clear move above the $0.5720 resistance might send the price toward the $0.5800 resistance.
Any more gains might send the price toward the $0.5880 resistance or even $0.5920 in the near term. The next major hurdle might be $0.6000.
Are Dips Supported?
If XRP fails to clear the $0.5580 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.5500 level. The next major support is near the $0.5450 level and the trend line.
If there is a downside break and a close below the $0.5450 level, the price might continue to decline toward the $0.5350 support in the near term. The next major support sits near the $0.5220 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 – $0.5450 and $0.5350.
Major Resistance Levels – $0.5580 and $0.5650.
Source: NewsBTC.com
