XRP price started a recovery wave from the $0.5440 zone. The price is now targeting more gains above the USD 0.5720 resistance zone in the near term.
- The XRP price started a decent increase from the $0.5400 zone.
- The price is now trading above USD 0.5620 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $0.5560 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could climb higher towards the $0.600 zone if it crosses the $0.5720 resistance zone.
XRP Price Begins Recovery
XRP price extended losses like Bitcoin and Ethereum. The price even tested the $0.5440 zone before the bulls appeared. The price started a recovery wave and was able to climb above the USD 0.5550 resistance zone.
Moreover, there was a break above a connecting bearish trendline with resistance at $0.5560 on the hourly chart of the XRP/USD pair. There was a clear move above the USD 0.5650 resistance. Finally, the resistance zone at $0.5720 was retested.
It reached a high at $0.5718 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $0.5440 swing low to the $0.5718 high.
The price is now trading above USD 0.5620 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 0.570 level. The first major resistance is around the $0.5720 level. The next major resistance could be at $0.5850. A clear move above the USD 0.5850 resistance could send the price towards the USD 0.600 resistance.
The next major resistance is near the $0.6060 level. Any further gains could send the price towards the near-term resistance at $0.6150 or even $0.620.
Another drop?
If XRP fails to break the USD 0.5720 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.562 level. The next major support is $0.5580 or the 50% Fib retracement level of the upward move from the $0.5440 swing low to the $0.5718 high.
If there is a downside break and a close below the USD 0.5580 level, the price could continue to decline towards USD 0.5440 in the near term. The next major support is at $0.5320.
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 – $0.5580 and $0.5440.
Major resistance levels – $0.5720 and $0.5850.
