XRP price is trying to make a recovery wave from the USD 0.4865 support. The price could gain bullish momentum if the USD 0.5120 resistance clears.
- XRP remained stable and started a recovery wave above $0.500.
- The price is now trading above USD 0.5050 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trendline with resistance at $0.5025 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a decent climb if a close above the $0.5120 resistance.
XRP price reclaims $0.50
After a steady decline, XRP price found support near the $0.4865 zone. A low was formed at $0.4864 and the price is now trying to make a recovery wave just like Bitcoin and Ethereum. There was a move above the USD 0.4950 and USD 0.50 resistance levels.
Additionally, there was a break above a major bearish trendline with resistance at $0.5025 on the hourly chart of the XRP/USD pair. The pair even peaked above $0.5100. A high was reached at $0.5120 and the price is now consolidating gains.
There was a test of the 23.6% Fib retracement level of the upward move from the $0.4867 swing low to the $0.5120 high. The price is now trading above USD 0.5050 and the 100-hourly Simple Moving Average.
The immediate resistance is near the $0.5085 level. The first major resistance is near $0.5120. A close above the resistance zone at $0.5120 could lead to a strong upside. The next major resistance is near $0.5220. If the bulls continue to act above the resistance level at $0.5220, a rally towards the resistance at $0.5350 could take place. Any further gains could send the price towards the USD 0.550 resistance.
Another drop?
If XRP fails to break the USD 0.5120 resistance zone, it could trigger a fresh decline. Initial downside support is near the $0.5050 level and the 100-hourly Simple Moving Average.
The next major support is at $0.50 or the 50% Fib retracement level of the upward move from the $0.4867 swing low to the $0.5120 high. If there is a downside break and a close below the USD 0.50 level, the price may accelerate lower. In the said case, the price could retest the USD 0.4865 support 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 – USD 0.500 and USD 0.4865.
Major resistance levels – $0.5120 and $0.5220.