XRP price is gaining speed above the $0.5050 support zone. The price is rising and could even aim for a move above the USD 0.5500 resistance.
- The XRP price is expected to make a decent rise above the $0.5250 zone.
- The price is now trading above USD 0.5220 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $0.5100 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if it settles above the $0.5350 resistance zone.
XRP Price Rises 4%
XRP price remained supported above the USD 0.4880 level. It formed a base and started a new rise above $0.5050, just like Bitcoin and Ethereum.
There was a move above the USD 0.5120 and USD 0.5200 resistance levels. There was a break above a connecting bearish trendline with resistance at $0.5100 on the hourly chart of the XRP/USD pair. Finally, it tested the $0.5365 zone. A high is formed at $0.5368 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5368 high.
The price is now trading above USD 0.5200 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the $0.5350 level. The first major resistance is around the $0.5365 level.
The next major resistance could be at $0.5450. A clear move above the USD 0.5450 resistance could send the price towards the USD 0.5500 resistance. Any further gains could send the price towards the near-term resistance at $0.5665 or even $0.5720. The next major hurdle could be $0.5840.
Another drop?
If XRP fails to break the USD 0.5350 resistance zone, it could trigger another decline. The initial downside support is near the $0.5250 level. The next major support is near the $0.5155 level or the 50% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5368 high.
If there is a downside break and a close below the USD 0.5155 level, the price could continue to decline towards USD 0.5050 in the near term. The next major support is near the $0.500 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 $0.5155.
Major resistance levels – $0.5350 and $0.5500.
