XRP price extended losses and tested the $0.5120 zone. The price is now rising and might try to break the USD 0.5320 resistance zone.
- XRP price is correcting losses from the $0.5120 zone.
- The price is now trading below $0.5400 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $0.5280 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if it breaks the $0.5350 resistance zone.
XRP Price Begins New Rise
The XRP price failed to start a new increase and extended losses below $0.5320, like Bitcoin and Ethereum. There was a move below the USD 0.530 and USD 0.5250 levels.
The price even fell below $0.5200 and tested $0.5120. A low was $0.5117 and the price is now correcting losses. There was a move above the 23.6% Fib retracement level of the downward move from the $0.5600 swing high to the $0.5117 low.
There was a break above a connecting bearish trendline with resistance at $0.5280 on the hourly chart of the XRP/USD pair. The price is now trading below $0.5400 and the 100-hourly Simple Moving Average.
On the upside, the price could face resistance near the $0.5350 level or the 50% Fib retracement level of the downward move from the $0.5600 swing high to the $0.5117 low. The first major resistance is around the $0.5400 level.
The next major resistance could be at $0.5420. A clear move above the resistance at $0.5420 could send the price towards the resistance at $0.5485. Any further gains could send the price towards the short-term resistance at $0.5550 or even $0.5650. The next big hurdle could be $0.5800.
Another drop?
If XRP fails to break the USD 0.5350 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.5230 level. The next major support is near the $0.5200 level.
If there is a downside break and a close below the USD 0.5200 level, the price could continue falling towards USD 0.5120 in the near term. The next major support is near the $0.5050 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 – USD 0.5230 and USD 0.5200.
Major resistance levels – $0.5350 and $0.5420.