XRP price is holding the $0.500 support zone. The price is consolidating and aiming for another rise, while Bitcoin pares gains.
- The XRP price is expected to make a decent rise above the $0.5100 zone.
- The price is now trading below $0.5095 and the 100-hour Simple Moving Average.
- A new connecting bearish trendline is forming with resistance at $0.5090 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if it settles above the $0.5135 resistance zone.
XRP Price Eyes Upside Breakout
XRP price extended losses below the $0.5000 support zone. The price even fell below $0.4980 before the bulls emerged, but losses were limited compared to Bitcoin and Ethereum.
A low was formed at $0.4948 and the price started rising again. There was a move above the USD 0.4985 and USD 0.500 resistance levels. It cleared the 50% Fib retracement level of the recent decline from the $0.5137 swing high to the $0.4948 low.
The price is now trading below $0.5100 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $0.5065 level or the 61.8% Fib retracement level from the recent decline from the $0.5137 swing high to the $0.4948 low. The first major resistance is around the $0.5090 level.
The next major resistance could be at $0.5135. A clear move above the USD 0.5135 resistance could send the price towards the USD 0.5200 resistance. Any further gains could send the price towards the near-term resistance at $0.5250 or even $0.5265. The next major hurdle could be $0.5350.
Another drop?
If XRP fails to break the USD 0.5090 resistance zone, it could trigger another decline. The initial downside support is near the USD 0.500 level. The next major support is near the $0.4950 level.
If there is a downside break and a close below the USD 0.4950 level, the price could continue falling towards USD 0.4880 in the near term. The next major support is near the $0.4740 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 close to the 50 level.
Major support levels – USD 0.5000 and USD 0.4950.
Major resistance levels – $0.5090 and $0.5135.
