The XRP price is moving higher above the $0.5220 support. The price could gain bullish momentum if it crosses the USD 0.5360 and USD 0.5450 resistance levels.
- XRP price is slowly rising above the $0.5320 support.
- The price is now trading above USD 0.5340 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $0.5280 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if it overcomes the $0.5360 and $0.5450 resistance levels.
XRP price aims higher
XRP price held steady above the $0.5220 support, unlike Bitcoin and Ethereum. A base was formed and the price started to rise again above USD 0.5350.
There was a test of the USD 0.5450 resistance before the price fell back to USD 0.5240. A low was formed at $0.5239 and the price is rising again. There was a range upside and the price climbed above the USD 0.5320 resistance.
The price crossed the 50% Fib retracement level from the recent decline from the $0.5439 swing high to the $0.5239 low. The price is now trading above USD 0.5320 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $0.5280 on the hourly chart of the XRP/USD pair.
On the upside, the price could encounter resistance near the $0.5360 level. It is close to the 61.8% Fib retracement level of the recent decline from the $0.5439 swing high to the $0.5239 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 0.5500 resistance. Any further gains could send the price towards the near-term resistance at $0.5680 or even $0.5750. The next big hurdle could be $0.600.
Another drop?
If XRP fails to break the USD 0.5360 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.5285 level. The next major support is near the $0.5240 level.
If there is a downside break and a close below the USD 0.5220 level, the price could continue falling towards USD 0.5120 in the near term. The next major support is near the $0.5050 zone.
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 – $0.5285 and $0.5220.
Major resistance levels – $0.5360 and $0.5450.