The XRP price deepened its losses and tested the USD 0.5120 zone. The price is currently rising and may attempt to break the resistance zone at $0.5320.
- XRP price corrects losses from the USD 0.5120 zone.
- The price is currently below $0.5400 and the 100-hour uncomplicated moving average.
- There has been a break above the converging bearish trend line with resistance at $0.5280 on the XRP/USD hourly chart (Kraken Data Source).
- The pair could gain bullish momentum if it breaks the resistance zone at $0.5350.
XRP price begins a fresh surge
XRP price failed to start a fresh rally and extended losses below $0.5320, similar to Bitcoin and Ethereum. There was a move below the USD 0.530 and USD 0.5250 levels.
The price even dropped below $0.5200 and tested $0.5120. The lowest level was USD 0.5117 and the price is currently correcting losses. There was a move above the 23.6% Fib retracement level as part of a move down from a high at $0.5600 to a low at $0.5117.
On the hourly chart, the XRP/USD pair broke out above the converging bearish trend line with resistance at $0.5280. The price is currently below $0.5400 and the 100-hour uncomplicated moving average.
On the other hand, the price may face resistance near the $0.5350 level or the 50% Fib retracement level in case of a downward move from the $0.5600 high to the $0.5117 low. The first major resistance is near the USD 0.5400 level.
The next key resistance may be the USD 0.5420 level. A clear move above the $0.5420 resistance could push the price towards the $0.5485 resistance. Any further upside could push the price towards the resistance at $0.5550 or even $0.5650 in the near future. The next major hurdle could be the price of $0.5800.
Another decline?
If XRP fails to break through the resistance zone at $0.5350, another decline could begin. Initial downside support is near the $0.5230 level. The next crucial support is near the USD 0.5200 level.
If there is a downside breakout and a close below the $0.5200 level, the price may continue to fall towards the $0.5120 support in the near future. The next major support is located near the $0.5050 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major support levels – USD 0.5230 and USD 0.5200.
Major resistance levels – USD 0.5350 and USD 0.5420.
