XRP price is holding gains above the USD 0.5250 level. The price is now trading within a tight range and could soon make an attempt to move above the USD 0.550 resistance.
- The XRP price is looking at a clear move above the USD 0.5420 resistance zone.
- The price is now trading above USD 0.5330 and the 100-hourly Simple Moving Average.
- There was a break above a short-term bearish trendline with resistance at $0.5360 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if it overcomes the $0.5420 and $0.5450 resistance levels.
XRP Price Eyes Upside Breakout
XRP price remained well supported above the USD 0.5220 level, along with Bitcoin and Ethereum. The price started a new increase within the range and managed to break the USD 0.5320 resistance level.
The price climbed above the 50% Fib retracement level of the downward move from the $0.5426 swing high to the $0.5234 low. There was also a break above a short-term bearish trendline with resistance at $0.5360 on the hourly chart of the XRP/USD pair.
The price is now trading above USD 0.5330 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $0.5380 level or the 76.4% Fib retracement level of the downward move from the $0.5426 swing high to the $0.5234 low.
The first major resistance is around the $0.5420 level. The next major resistance could be at $0.5450. A clear move above the USD 0.5450 resistance could send the price towards the USD 0.5550 resistance.
The next major resistance is near the $0.5640 level. Any further gains could send the price towards the near-term resistance at $0.5800 or even $0.5880.
Another drop?
If XRP fails to break the USD 0.5420 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.5330 level and the 100 hourly SMA. The next major support is at USD 0.5280.
If there is a downside break and a close below the USD 0.5280 level, the price could continue to decline towards USD 0.5220 in the near term. The next major support is at $0.5150.
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 – $0.5330 and $0.5280.
Major resistance levels – $0.5420 and $0.5450.
