XRP price is slowly moving higher above the $0.5120 zone. It could trigger a big upside if a close occurs above the USD 0.5320 resistance zone.
- XRP attempts a fresh rise above the $0.5220 zone.
- The price is now trading above $0.520 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $0.5240 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a significant climb if there is a clear move above $0.5300.
XRP price holds support
XRP price remained well supported above the $0.500 zone and started a new increase, just like Bitcoin and Ethereum. The price managed to break the USD 0.5120 and USD 0.5150 levels.
There was a clear move above the USD 0.5250 resistance and the price tested the USD 0.530 zone. A high was reached at $0.5300 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.5080 swing low to the $0.5300 high.
The price is now trading above USD 0.5250 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $0.5240 on the hourly chart of the XRP/USD pair.
On the upside, the price is facing resistance near the $0.5280 level. The first major resistance is near $0.5300. The next major resistance is near the $0.5320 level. A close above the USD 0.5320 resistance zone could send the price higher. The next major resistance is near $0.5450.
If there is a close above the resistance level at $0.5450, there could be a steady rise towards the resistance at $0.5560. Any further gains could send the price towards the USD 0.5650 resistance.
Another drop?
If XRP fails to break the USD 0.530 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.5240 level and the trendline.
The next major support is $0.5190 or the 50% Fib retracement level of the upward move from the $0.5080 swing low to the $0.5300 high. If there is a downside break and a close below the USD 0.5190 level, the price may accelerate lower. In the said case, the price could fall and retest the USD 0.5120 support in the near term.
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 above the 50 level.
Major support levels – $0.5240 and $0.5190.
Major resistance levels – $0.5300 and $0.5320.