XRP price started a recovery wave above the USD 0.4880 resistance. The price could gain bullish momentum if the USD 0.5220 resistance clears.
- XRP price started a decent recovery wave above the USD 0.4750 and USD 0.4880 levels.
- The price is now trading below $0.5220 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $0.5040 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could continue to rebound higher if it breaks the $0.5220 resistance zone.
XRP price regains strength
XRP price formed a base above USD 0.4320 and started a recovery wave like Ethereum and Bitcoin. The price was able to surpass the USD 0.4750 and USD 0.4880 resistance levels.
There was a move above the 50% Fib retracement level of the downward move from the $0.5767 swing high to the $0.4320 low. Additionally, there was a break above a key bearish trendline with resistance at $0.5040 on the hourly chart of the XRP/USD pair.
However, the price is facing hurdles near the $0.5200 zone. It is still trading below $0.520 and the 100-hourly Simple Moving Average. On the upside, the price is facing hurdles near the $0.5220 level and the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the downward move from the $0.5767 swing high to the $0.4320 low.
The first major resistance is around the $0.5420 level. The next major resistance could be at $0.5750. A clear move above the USD 0.5750 resistance could send the price towards the USD 0.5840 resistance. The next major resistance is near the $0.5920 level. Any further gains could send the price towards the near-term resistance at $0.600 or even $0.6120.
Another drop?
If XRP fails to break the USD 0.5220 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.4980 level. The next major support is $0.4880.
If there is a downside break and a close below the $0.4880 level, the price could continue to decline towards $0.4660 in the near term. The next major support is at $0.4500.
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 – $0.4980 and $0.4880.
Major resistance levels – $0.5220 and $0.5420.
