XRP price is slowly moving up from the $0.400 support zone. The price is consolidating and could target a decent rise above $0.450.
- XRP price is trying to mount a recovery wave above the $0.420 zone.
- The price is now trading above USD 0.4250 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $0.420 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a decent climb if it overcomes the $0.4450 and $0.450 resistance levels.
XRP Price Eyes Recovery
The XRP price remained stable above the USD 0.40 level and recently started a recovery wave, just like Bitcoin and Ethereum. The price was able to climb above the USD 0.4120 and USD 0.4150 resistance levels.
There was a break above a connecting bearish trendline with resistance at $0.420 on the hourly chart of the XRP/USD pair. The pair even peaked above the 61.8% Fib retracement level of the downward move from the $0.4499 swing high to the $0.4035 low.
There was a move towards the $0.440 level. The price is now trading above USD 0.4250 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4385 level or the 76.4% Fib retracement level of the downward move from the $0.4499 swing high to the $0.4035 low.
The first major resistance is around the $0.4450 level. The next major resistance could be at USD 0.450. A clear move above the USD 0.450 resistance could send the price towards the USD 0.4650 resistance. The next major resistance is near the $0.4720 level. Any further gains could send the price towards the resistance at $0.4840.
Another drop?
If XRP fails to break the USD 0.4450 resistance zone, it could trigger another decline. The initial downside support is near the USD 0.420 level.
The next major support is at $0.4050. If there is a downside break and a close below the USD 0.4050 level, the price could continue to decline towards USD 0.3880 in the near term.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – USD 0.4200 and USD 0.4050.
Major resistance levels – $0.4450 and $0.4500.