XRP price is slowly moving higher above the $0.5200 zone. It is now facing hurdles near USD 0.5320 and could possibly correct lower in the near term.
- XRP attempts a new rise above the $0.5250 zone.
- The price is now trading above USD 0.5220 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $0.5260 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could correct lower towards the $0.5220 support before the bulls reemerge.
XRP price is gaining traction
XRP price remained well supported above the $0.5120 zone and extended its gains, along with Bitcoin and Ethereum. The price could reach the USD 0.5200 and USD 0.5250 levels.
There was a clear move above the USD 0.5300 resistance and the price tested the USD 0.5320 zone. A high was formed at $0.5325 and the price is now correcting gains. It traded below the 23.6% Fib retracement level of the upward move from the $0.5080 swing low to the $0.5325 high.
There was also a break below a key bullish trendline with support at $0.5260 on the hourly chart of the XRP/USD pair. The pair is now trading above $0.5220 and the 100-hourly Simple Moving Average.
On the upside, the price is facing resistance near the $0.5200 level. The first major resistance is near $0.5320. The next major resistance is near the $0.5350 level. A close above the USD 0.5350 resistance zone could send the price higher. The next major resistance is near USD 0.550.
If there is a close above the USD 0.550 resistance level, there could be a steady rise towards the USD 0.5560 resistance. Any further gains could send the price towards the USD 0.5650 resistance.
Lose more?
If XRP fails to break the USD 0.5350 resistance zone, it could continue to decline. The initial downside support is near the $0.5260 level.
The next major support is at $0.5200 or the 50% Fib retracement level of the upward move from the $0.5080 swing low to the $0.5325 high. If there is a downside break and a close below the USD 0.520 level, the price could accelerate lower. In the said case, the price could fall and retest the USD 0.5120 support in the near term.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – $0.5260 and $0.5220.
Major resistance levels – $0.5300 and $0.5320.
