XRP price extended its rise above the $0.550 resistance zone. The price is showing positive signs and could extend gains above USD 0.5850 and USD 0.600.
- XRP price started to rise again above the $0.550 resistance zone.
- The price is now trading above $0.550 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $0.5620 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could extend gains if there is a close above the $0.600 resistance level.
XRP price regains strength
XRP price formed a base above the USD 0.525 level and started a new increase. The price broke the USD 0.5450 resistance to move towards a positive zone like Ethereum and Bitcoin again.
There was also a move above the USD 0.5650 resistance level. A high was reached at $0.5925 and the price is now consolidating gains. There was a small decline below the 23.6% Fib retracement level of the upward move from the $0.5330 swing low to the $0.5925 high.
The price is now trading above USD 0.5550 and the 100-hourly Simple Moving Average. Moreover, a connecting bullish trendline is forming with support at $0.5620 on the hourly chart of the XRP/USD pair.
On the upside, the price is facing resistance around the $0.5950 level. The first major resistance is around the $0.600 level. The next major resistance could be at USD 0.620. A clear move above the USD 0.620 resistance could send the price towards the USD 0.6380 resistance. The next major resistance is near the $0.650 level. Any further gains could send the price towards the resistance at USD 0.6880.
Are dips supported?
If XRP fails to break the USD 0.600 resistance zone, a downward correction could occur. The initial downside support is near the $0.5620 level, the trendline and the 50% Fib retracement level of the upward move from the $0.5330 swing low to the $0.5925 high.
The next major support is at USD 0.550. If there is a downside break and a close below the USD 0.550 level, the price could continue to decline towards USD 0.5350 in the near term.
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 – $0.5620 and $0.5500.
Major resistance levels – $0.5950 and $0.6000.