XRP price is attempting a fresh rise above the USD 0.5050 resistance. The price could gain bullish momentum if the USD 0.520 resistance clears.
- XRP is looking at a steady move above the USD 0.520 level.
- The price is now trading above USD 0.5120 and the 100-hourly Simple Moving Average.
- There was a break above a short-term descending channel with resistance at $0.5025 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could rise again if a close above the $0.520 resistance.
XRP Price Eyes Breakout
Yesterday we saw the XRP price start a recovery wave, just like Bitcoin and Ethereum. The price was able to move above the USD 0.4950 and USD 0.50 resistance levels.
There was a break above a short-term descending channel with resistance at $0.5025 on the hourly chart of the XRP/USD pair. The pair even breached the $0.5150 resistance level and settled above the 100-hourly Simple Moving Average.
It traded as high as $0.5195 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.4980 swing low to the $0.5195 high. The price is also trading above USD 0.5120 and the 100-hourly Simple Moving Average.
The immediate resistance is near the $0.5185 level. The first major resistance is near $0.5200. A close above the USD 0.5200 resistance zone could send the price higher. 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 0.520 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.5145 level. The next major support is $0.5120.
If there is a downside break and a close below the USD 0.5120 level, the price could accelerate lower. In the said case, the price could even drop below the $0.5050 support zone or the 61.8% Fib retracement level of the upward move from the $0.4980 swing low to the $0.5195 high.
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 – $0.5120 and $0.5050.
Major resistance levels – $0.5200 and $0.5220.