XRP price is holding the $0.5020 support zone. The price is beating Bitcoin and might aim for a move above the $0.5250 resistance.
- XRP price is eyeing more gains above the $0.5250 zone.
- The price is now trading below $0.5200 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $0.5185 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it settles above the $0.5200 resistance zone.
XRP Price Eyes Upside Break
XRP price extended losses below the $0.5120 support zone. The price even declined below $0.5050 before the bulls emerged, but losses were limited compared to Bitcoin and Ethereum.
A low was formed at $0.5025 and the price started a fresh increase. There was a move above the $0.5050 and $0.5120 resistance levels. It cleared the 50% Fib retracement level of the downward move from the $0.5307 swing high to the $0.5025 low.
Besides, there was a break above a key bearish trend line with resistance at $0.5185 on the hourly chart of the XRP/USD pair. The price is now trading below $0.5200 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $0.5200 level or the 61.8% Fib retracement level of the downward move from the $0.5307 swing high to the $0.5025 low. The first major resistance is near the $0.5240 level.
The next key resistance could be $0.5300. A clear move above the $0.5300 resistance might send the price toward the $0.5350 resistance. Any more gains might send the price toward the $0.5500 resistance or even $0.5550 in the near term. The next major hurdle might be $0.5850.
Another Decline?
If XRP fails to clear the $0.5200 resistance zone, it could start another decline. Initial support on the downside is near the $0.5120 level. The next major support is near the $0.5085 level.
If there is a downside break and a close below the $0.5085 level, the price might continue to decline toward the $0.5020 support in the near term. The next major support sits near the $0.4880 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 – $0.5150 and $0.5085.
Major Resistance Levels – $0.5200 and $0.5240.
Source: NewsBTC.com
