XRP price is slowly moving up from the $0.5080 zone. It may gain bullish momentum if there is a move above the resistance zone at $0.5250.
- XRP tries recent rally above the $0.5120 zone.
- The price is currently above $0.5150 and the 100-hour straightforward moving average.
- On the hourly chart, the XRP/USD pair has broken above a key bearish trend line with resistance near $0.5160 (Kraken data source).
- The pair could start a decent rally if there is a clear move above $0.5250.
XRP price eye recovery
The price of XRP saw further losses below the $0.5120 level, as did Bitcoin and Ethereum. The price has been testing the $0.5080 zone and has recently started a decent recovery wave.
The price was able to overcome the resistance levels of $0.5120 and $0.5150. On the hourly chart, the XRP/USD pair has broken above a key bearish trend line with resistance near $0.5160. The pair cleared the 23.6% Fib retracement level resulting from a downward move from the high at $0.5400 to the low at $0.5080.
The price is currently above $0.5150 and the 100-hour straightforward moving average. On the other hand, the price is facing resistance near the USD 0.5220 level.
The first key resistance is located near $0.5250 or the 50% Fib retracement level on the move down from the $0.5400 high to the $0.5080 low. A close above the resistance zone at $0.5250 could result in a price rally. The next key resistance is near $0.5320.
If there is a close above the $0.5320 resistance level, there could be a steady rally towards the $0.5450 resistance level. Any further upside could push the price towards the resistance at $0.5650.
Another decline?
If XRP fails to break the resistance zone at $0.5250, another decline could begin. Initial downside support is near the $0.5160 level.
The next major support is located at $0.5080. If there is a breakout to the downside and a close below the $0.5080 level, the price may accelerate lower. In this case, the price may drop and retest the $0.50 support level in the near future.
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 0.5160 and USD 0.5080.
Major resistance levels – USD 0.5220 and USD 0.5250.
