XRP price climbed higher and tested the USD 0.4840 resistance zone. The price corrected the gains, but the bulls are able to protect the USD 0.4750 support.
- XRP price is eyeing an upside break above the USD 0.4840 resistance zone.
- The price is now trading above USD 0.4720 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $0.4760 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if there is a close above the $0.4840 resistance.
XRP price corrects gains
XRP price started a decent upward move above the resistance at $0.4740 like Bitcoin and Ethereum. The bulls managed to push the price above $0.480. However, the bears were active near the USD 0.4840 resistance zone.
It peaked at $0.4839 and the price recently started a downward correction. There was a move below the USD 0.4800 and USD 0.4780 levels. The price even spiked below the 50% Fib retracement level of the upward move from the $0.4695 swing low to the $0.4839 high.
It is now trading above USD 0.4740 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $0.4760 on the hourly chart of the XRP/USD pair.
On the upside, the price is facing resistance near the $0.480 level. The first major resistance is around the $0.4840 level. The next major resistance could be at $0.4880. A clear move above the resistance at $0.4880 could send the price towards the resistance at $0.5050.
The next major resistance is near the $0.5120 level. A close above the USD 0.5120 resistance zone could send the price higher towards USD 0.5250. Any further gains could send the price towards the USD 0.5320 resistance.
Lose more?
If XRP fails to break the USD 0.4840 resistance zone, it could continue to decline. The initial downside support is near the $0.4765 level and the trendline.
The next major support is at $0.4740, the 61.8% Fib retracement level of the upward move from the $0.4695 swing low to the $0.4839 high, and the 100-hourly Simple Moving Average. If there is a downside break and a close below the $0.4740 level, the price could continue to decline towards $0.4640 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 just below the 50 level.
Major support levels – $0.4765 and $0.4740.
Major resistance levels – $0.4800 and $0.4840.