XRP price is attempting a fresh increase above the $0.5150 zone. The price could gain bullish momentum if it settles above the $0.5500 resistance zone.
- XRP price is eyeing more gains above the $0.5350 zone.
- The price is now trading above $0.5220 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $0.5180 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it settles above the $0.5500 resistance zone.
XRP Price Eyes Upside Break
XRP price started a decent upward move above the $0.500 zone. There was a move above the $0.5150 resistance but it lagged Bitcoin and Ethereum. The bulls were able to push the price above the $0.5250 resistance.
The price traded as high as $0.5307 and is currently consolidating gains. There was a minor decline below the $0.5250 level. The price dipped and tested the 50% Fib retracement level of the upward move from the $0.5112 swing low to the $0.5307 high.
The price is now trading above $0.5220 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $0.5180 on the hourly chart of the XRP/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $0.5112 swing low to the $0.5307 high.
On the upside, the price might face resistance near the $0.5280 level. The first major resistance is near the $0.5320 level. The next key resistance could be $0.5350. A clear move above the $0.5350 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5650 resistance or even $0.5850 in the near term. The next major hurdle might be $0.6000.
Another Setback?
If XRP fails to clear the $0.5300 resistance zone, it could start another decline. Initial support on the downside is near the $0.5210 level. The next major support is near the $0.5180 level.
If there is a downside break and a close below the $0.5180 level, the price might continue to decline toward the $0.5050 support in the near term. The next major support sits near the $0.5000 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5210 and $0.5180.
Major Resistance Levels – $0.5350 and $0.5550.
Read the full article here
