The XRP price is struggling to rise above the $0.550 level. The price needs to cross the USD 0.5450 and USD 0.5500 resistance levels to start a decent rise.
- XRP price is still consolidating above the $0.5080 support.
- The price is now trading near USD 0.5250 and the 100-hour Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $0.5380 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if it overcomes the $0.5450 and $0.5500 resistance levels.
XRP Price Eyes Upside Breakout
The XRP price remained well above the USD 0.5080 support level, unlike Bitcoin and Ethereum. The price started a slow upward move above the USD 0.5220 and USD 0.5320 resistance levels.
There was a break above a key bearish trendline with resistance at $0.5380 on the hourly chart of the XRP/USD pair. However, the bears were active around the USD 0.5450 resistance level. They protected the 23.6% Fib retracement level of the downward wave from the $0.6640 swing high to the $0.5070 low.
The price is now trading near USD 0.5250 and the 100-hour Simple Moving Average. If another rise occurs, the price may encounter resistance near the $0.5350 level. The first major resistance is around the $0.5450 level.
The next major resistance could be at USD 0.5500. A clear move above the USD 0.5500 resistance could send the price towards the USD 0.5850 resistance. It is close to the 50% Fib retracement level of the downward wave from the $0.6640 swing high to the $0.5070 low. Any further gains could send the price towards the near-term resistance at $0.6000 or even $0.6050. The next major hurdle could be $0.6250.
Another drop?
If XRP fails to break the USD 0.5450 resistance zone, it could trigger another decline. The initial downside support is near the $0.5220 level. The next major support is near the $0.5150 level.
If there is a downside break and a close below the $0.5150 level, the price could continue falling towards the $0.5050 support in the near term. The next major support is near the $0.5000 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – $0.5250 and $0.5120.
Major resistance levels – $0.5450 and $0.5500.
