The XRP price is correcting gains from the $0.530 zone. The price is testing the USD 0.520 support and could bounce back to start a new increase.
- The XRP price is aiming for more gains above the $0.5300 zone.
- The price is now trading above USD 0.5200 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $0.520 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if it settles above the $0.5300 resistance zone.
Support for XRP price revisions
The XRP price started a decent upward move above the $0.5150 zone. There was a move above the resistance at $0.520, but it lagged behind Bitcoin and Ethereum. The bulls were able to push the price above the USD 0.5250 resistance.
The price traded as high as $0.5307 and is currently correcting gains. There was a decline below the $0.5265 level. The price fell below the 50% Fib retracement level of the upwave from the $0.5111 swing low to the $0.5307 high.
The price is now trading above USD 0.5200 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $0.520 on the hourly chart of the XRP/USD pair.
On the upside, the price could encounter resistance near the $0.5250 level. The first major resistance is around the $0.5300 level. The next major resistance could be $0.5320. A clear move above the resistance at USD 0.5320 could send the price towards the resistance at USD 0.5450. Any further gains could send the price towards the short-term resistance at $0.5550 or even $0.5850. The next big hurdle could be $0.6000.
Disadvantage of break?
If XRP fails to break the USD 0.5250 resistance zone, it could trigger another decline. The initial downside support is near the USD 0.5200 level. The next major support is near the $0.5185 level and the 61.8% Fib retracement level of the upward wave from the $0.5111 swing low to the $0.5307 high.
If there is a downside break and a close below the USD 0.5185 level, the price could continue to decline towards USD 0.5050 in the near term. The next major support is near the $0.5000 zone.
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 – $0.5200 and $0.5185.
Major resistance levels – $0.5250 and $0.5300.
