XRP price fell, but the bulls were active near the USD 0.4700 support. The price has regained the 100-hour SMA and could continue to rise if it clears $0.4950.
- The XRP price found support at $0.4700 and started a recovery wave.
- The price is now trading above USD 0.4800 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $0.4915 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could continue to rise unless it fails to hold above the $0.4820 support zone.
XRP price aims higher
The XRP price failed to clear the USD 0.520 resistance and responded to the downtrend much like Bitcoin and Ethereum. There was a sharp decline below the USD 0.500 and USD 0.4850 support levels. There was a break below a key bullish trendline with support at $0.4915 on the hourly chart of the XRP/USD pair.
However, the bulls took a position near $0.4700. The price started another upward move from the low of $0.4700. There was a move above the USD 0.4750 and USD 0.4820 resistance levels. The price even crossed the 23.6% Fib retracement level of the downward move from the $0.5202 swing high to the $0.4700 low.
The price is now trading above USD 0.4800 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4950 level and the 50% Fib retracement level of the downward move from the $0.5202 swing high to the $0.4700 low.
The first major resistance is near $0.500. The next major resistance is near the $0.520 level. A close above the USD 0.520 resistance zone could send the price higher. The next major resistance is near $0.5320. If there is a close above the USD 0.5320 resistance level, there could be a steady rise towards the USD 0.5500 resistance. Any further gains could send the price towards the USD 0.5550 resistance.
Another drop?
If XRP fails to break the USD 0.4950 resistance zone, it could trigger another decline. Initial downside support is near the $0.4865 level and the 100-hour Simple Moving Average.
The next major support is $0.4820. If there is a downside break and a close below the USD 0.4820 level, the price could gain bearish momentum. In the said case, the price could decline and retest the USD 0.4550 support 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 below the 50 level.
Major support levels – $0.4820 and $0.4700.
Major resistance levels – $0.4950 and $0.500.