XRP price is accelerating above the $0.5050 support zone. The price is rising and may even aim to move above the resistance at $0.5500.
- XRP price is seeing a decent rally above the $0.5250 zone.
- The price is currently above $0.5220 and the 100-hour basic moving average.
- There has been a break above the converging bearish trend line with resistance at $0.5100 on the XRP/USD hourly chart (Kraken Data Source).
- The pair could gain bullish momentum if it settles above the resistance zone at $0.5350.
XRP price increases by 4%
The XRP price remained above the USD 0.4880 level. It formed a base and started a modern rally above $0.5050, just like Bitcoin and Ethereum.
There has been a move above the $0.5120 and $0.5200 resistance levels. On the hourly chart, the XRP/USD pair broke out above the converging bearish trend line with resistance at $0.5100. Finally, it tested the $0.5365 zone. A high is forming at $0.5368 and the price is currently consolidating gains above the 23.6% Fib retracement level in an upward move from a low of $0.4948 to a high of $0.5368.
The price is currently above $0.5200 and the 100-hour basic moving average. On the other hand, the price may face resistance near the USD 0.5350 level. The first major resistance is near the $0.5365 level.
The next key resistance may be the USD 0.5450 level. A clear move above the resistance at $0.5450 could push the price towards the resistance at $0.5500. Further increases could push the price towards the resistance level at USD 0.5665 or even USD 0.5720 in the near future. The next major hurdle could be the price of $0.5840.
Another decline?
If XRP fails to break the resistance zone at $0.5350, another decline could begin. Initial downside support is near the $0.5250 level. The next major support is located near the $0.5155 level or the 50% Fib retracement level moving up from a low of $0.4948 to a high of $0.5368.
If there is a downside breakout and a close below the $0.5155 level, the price may continue to fall towards the $0.5050 support in the near future. The next major support is located near the $0.500 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 0.5250 and USD 0.5155.
Major resistance levels – USD 0.5350 and USD 0.5500.
