XRP price is moving higher from the $0.5220 support. The price could gain bullish momentum if it clears the $0.5360 and $0.5450 resistance levels.
- XRP price is slowly moving higher above the $0.5320 support.
- The price is now trading above $0.5340 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line 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 clears the $0.5360 and $0.5450 resistance levels.
XRP Price Aims Higher
XRP price remained stable above the $0.5220 support, unlike Bitcoin and Ethereum. A base was formed and the price started a fresh increase above $0.5350.
There was a test of the $0.5450 resistance before the price dipped back to $0.5240. A low was formed at $0.5239 and the price is again rising. There was an increase within a range and the price climbed above the $0.5320 resistance.
The price cleared the 50% Fib retracement level of the recent decline from the $0.5439 swing high to the $0.5239 low. The price is now trading above $0.5320 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $0.5280 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $0.5360 level. It is close to the 61.8% Fib retracement level of the recent decline from the $0.5439 swing high to the $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 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.
Another Decline?
If XRP fails to clear the $0.5360 resistance zone, it could start another decline. Initial support on the downside is near the $0.5285 level. The next major support is near the $0.5240 level.
If there is a downside break and a close below the $0.5220 level, the price might continue to decline toward the $0.5120 support in the near term. The next major support sits 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.
Major Support Levels – $0.5285 and $0.5220.
Major Resistance Levels – $0.5360 and $0.5450.
Source: NewsBTC.com
