The XRP price started a decent recovery wave above USD 0.4850. The price claimed the SMA of 100 hours and could aim for more upside.
- The XRP price found support at $0.4600 and started a recovery wave.
- The price is now trading above USD 0.4850 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $0.4860 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could continue to rise unless it fails to hold above the $0.4820 support zone.
XRP Price Signals Recovery
The XRP price extended losses below the $0.4650 level, like Bitcoin. However, the bulls took a position near $0.4600, and the price recently started quite a recovery wave, much like Ethereum.
There was a move above the USD 0.4680 and USD 0.4720 resistance levels. Moreover, there was a break above a key bearish trendline with resistance at $0.4860 on the hourly chart of the XRP/USD pair. The pair even peaked above the $0.5000 zone.
A high was formed at $0.5049 and the price is now correcting gains. There was a move below the $0.4950 support zone. There was a decline below the 23.6% Fib retracement level of the upward move from the $0.4600 swing low to the 0.5049 high.
The price is now trading above USD 0.4850 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance around the $0.4950 level. The first major resistance is near $0.4980.
The next major resistance is near the $0.5050 level. A close above the USD 0.5050 resistance zone could send the price higher. The next major resistance is near USD 0.5250. If there is a close above the USD 0.5250 resistance level, there could be a steady rise towards the USD 0.5320 resistance. Any further gains could send the price towards the USD 0.5500 resistance.
Another drop?
If XRP fails to break the USD 0.4980 resistance zone, it could continue to decline. Initial downside support is near the $0.4850 level and the 100-hourly Simple Moving Average.
The next major support is $0.4720. If there is a downside break and a close below the USD 0.4720 level, the price may gain bearish momentum. In the said case, the price could fall and retest the USD 0.460 support in the near term.
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 – $0.4850 and $0.4720.
Major resistance levels – $0.4980 and $0.5050.