XRP price continued to rally above the $0.550 resistance zone. The price is showing positive signs and could continue to rally above $0.5850 and $0.600.
- XRP price started another augment above the $0.550 resistance zone.
- The price is currently holding above $0.550 and the 100-hour straightforward moving average.
- On the hourly chart of the XRP/USD pair, a connecting uptrend line is forming with support at $0.5620 (data source: Kraken).
- The pair could continue to rally if it closes above the USD 0.600 resistance level.
XRP price regains strength
XRP price formed a base above the $0.525 level and started a modern uptrend. The price broke the $0.5450 resistance to re-enter the positive zone like Ethereum and Bitcoin.
There was also a move above the $0.5650 resistance level. A high formed at $0.5925 and price is currently consolidating gains. There was a tiny decline below the 23.6% Fibonacci retracement level of the upside move from the $0.5330 swing low to the $0.5925 high.
The price is now trading above $0.5550 and the 100-hour straightforward moving average. Furthermore, a connecting bullish trendline is forming on the hourly chart of the XRP/USD pair with support at $0.5620.
On the other hand, the price is encountering resistance near the $0.5950 level. The first major resistance is near the $0.600 level. The next key resistance could be $0.620. A clear move above the $0.620 resistance could take the price towards the $0.6380 resistance. The next major resistance is near the $0.650 level. Any further gains could take the price towards the $0.6880 resistance.
Are DIPs supported?
If XRP fails to break through the $0.600 resistance zone, it could begin a downside correction. Initial support on the downside is found near the $0.5620 level, a trendline and the 50% Fibonacci retracement level of the upside move from the $0.5330 swing low to the $0.5925 peak.
The next major support is at $0.550. If the downtrend breaks and closes below $0.550, the price could continue to decline towards the support at $0.5350 in the near future.
Technical indicators
Hourly MACD – The MACD for the XRP/USD pair is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for the XRP/USD pair is currently above the 50 level.
Major support levels – USD 0.5620 and USD 0.5500.
Major resistance levels – USD 0.5950 and USD 0.6000.
