XRP price is moving higher from the $0.5250 support. The price could gain bullish momentum if it clears the $0.5450 and $0.5500 resistance levels.
- XRP price is attempting a fresh increase above the $0.5320 support.
- The price is now trading above $0.5350 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $0.5310 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.5450 and $0.5500 resistance levels.
XRP Price Holds Key Support
XRP price remained stable above the $0.5240 support. A base was formed and the price started a fresh increase above $0.5350 like Bitcoin and Ethereum.
The price climbed above the 61.8% Fib retracement level of the downward move from the $0.5430 swing high to the $0.5252 low. Besides, there was a break above a key bearish trend line with resistance at $0.5310 on the hourly chart of the XRP/USD pair.
The price is now trading above $0.5350 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5390 level. It is close to the 76.4% Fib retracement level of the downward move from the $0.5430 swing high to the $0.5252 low.
The first major resistance is near the $0.5400 level. The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5680 resistance or even $0.5750 in the near term. The next major hurdle might be $0.600, where the bears might emerge.
Another Decline?
If XRP fails to clear the $0.540 resistance zone, it could start another decline. Initial support on the downside is near the $0.5340 level and the 100-hourly Simple Moving Average. The next major support is near the $0.5280 level.
If there is a downside break and a close below the $0.5280 level, the price might continue to decline toward the $0.5250 support in the near term. The next major support sits near the $0.5120 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5340 and $0.5280.
Major Resistance Levels – $0.5400 and $0.5450.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.