XRP price is recovering higher above the $0.500 resistance. The price indicates a positive bias and could rise above the USD 0.580 and USD 0.600 levels.
- XRP is attempting a recovery wave above the $0.50 zone.
- The price is now trading above USD 0.5150 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trendline with resistance at $0.5220 on the 4-hour chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if there is a close above the $0.580 resistance.
XRP price aims higher
After a sharp decline, XRP price found support near the $0.3880 zone. It formed a base and started a new rise above the USD 0.450 resistance, like Bitcoin and Ethereum. The bulls managed to push the price above the USD 0.50 resistance.
The price climbed above the 50% Fib retracement level of the downward move from the $0.6420 swing high to the $0.3875 low. Additionally, there was a break above a key bearish trendline with resistance at $0.5220 on the 4-hour chart of the XRP/USD pair.
The price is now trading above USD 0.5150 and the 100 simple moving average (4 hours). Immediate resistance is near the $0.5650 level. The next major resistance is near $0.5820 or the 76.4% Fib retracement level of the downward move from the $0.6420 swing high to the $0.3875 low.
Source: XRPUSD on TradingView.com
A close above the resistance zone at $0.5820 could lead to a strong upside. The next major resistance is near USD 0.620. If the bulls continue to act above the USD 0.620 resistance level, a rally towards the USD 0.680 resistance could take place. Any further gains could send the price towards the USD 0.700 resistance.
Another drop?
If XRP fails to break the USD 0.5820 resistance zone, it could trigger a fresh decline. The initial downside support is near the USD 0.540 level.
The next major support is at USD 0.5150. If there is a downside break and a close below the USD 0.5150 level, the price may accelerate lower. In the said case, the price could retest the USD 0.4650 support zone.
Technical indicators
4-hour MACD – The MACD for XRP/USD is now gaining speed in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – $0.540, $0.5150 and $0.4650.
Major resistance levels – $0.5650, $0.5820 and $0.6200.
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