XRP price holds the $0.500 support zone. Price Consolidates and Heads for Up-to-date Growth as Bitcoin Limits Gains.
- XRP price is seeing a decent rally above the $0.5100 zone.
- The price is currently below $0.5095 and the 100-hour straightforward moving average.
- A fresh connecting bearish trend line is forming on the hourly chart of the XRP/USD pair with resistance at $0.5090 (data source from Kraken).
- The pair could gain bullish momentum if it settles above the resistance zone at $0.5135.
XRP price marks an upward break
XRP price extended losses below the $0.5000 support zone. The price even dropped below $0.4980 before the bulls emerged, but losses were circumscribed compared to Bitcoin and Ethereum.
The lowest level was formed at USD 0.4948 and the price began a fresh augment. There has been a move above the $0.4985 and $0.500 resistance levels. This cleared the 50% Fib retracement level of the recent decline from a high of $0.5137 to a low of $0.4948.
The price is currently below $0.5100 and the 100-hour straightforward moving average. On the other hand, the price may face resistance near the $0.5065 level or the 61.8% Fib retracement level of the recent decline from a high of $0.5137 to a low of $0.4948. The first major resistance is near the $0.5090 level.
The next key resistance may be the USD 0.5135 level. A clear move above the resistance at $0.5135 could push the price towards the resistance at $0.5200. Further increases could push the price towards the resistance at USD 0.5250 or even USD 0.5265 in the near future. The next major hurdle could be the price of $0.5350.
Another decline?
If XRP fails to break the resistance zone at $0.5090, another decline could begin. Initial downside support is near the $0.500 level. The next crucial support is near the USD 0.4950 level.
If there is a downside breakout and a close below the $0.4950 level, the price may continue to fall towards the $0.4880 support in the near future. The next major support is located near the $0.4740 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 near the 50 level.
Main support levels – USD 0.5000 and USD 0.4950.
Major resistance levels – USD 0.5090 and USD 0.5135.
