XRP price has started a rebound from the $0.5440 zone. The price is now expecting more gains above the $0.5720 resistance zone in the near future.

• The price of XRP started a clear augment from the level of USD 0.5400.
• The price is currently holding above $0.5620 and the 100-hour plain moving average.
• On the hourly chart of the XRP/USD currency pair, there was a breakout of the descending trend line connecting with the resistance at USD 0.5560 (data source: Kraken).
• If the pair breaks through the resistance zone at $0.5720, it could rally towards the $0.600 zone.

XRP price is starting to recover

XRP price extended losses, similar to Bitcoin and Ethereum. The price even tested the $0.5440 zone before bulls came in. The price started a rebound and was able to climb above the $0.5550 resistance zone.

In addition, there was a breakout of the connecting bearish trend line with resistance at $0.5560 on the hourly chart of the XRP/USD pair. A clear move above the resistance at $0.5650. Finally, the resistance zone at $0.5720 was retested.

A high was formed at $0.5718 and the price is currently consolidating gains. It is trading above the 23.6% Fibonacci retracement level of the upside from the $0.5440 swing low to the $0.5718 high.

The price is now trading above $0.5620 and the 100-hour plain moving average. On the other hand, the price could face resistance near the $0.570 level. The first major resistance is near the $0.5720 level. The next key resistance could be $0.5850. A clear move above the $0.5850 resistance could take the price towards the $0.600 resistance.

The next major resistance is near the $0.6060 level. Any further gains could take the price towards the $0.6150 resistance or even $0.620 in the near future.

Another decline?

If XRP fails to break through the $0.5720 resistance zone, it could begin another decline. Initial support on the downside is found near the $0.562 level. The next major support is found at the $0.5580 level or the 50% Fibonacci retracement level of the upside move from the $0.5440 swing low to the $0.5718 peak.

If it breaks and closes below $0.5580, the price could continue to decline towards the $0.5440 support in the near future. The next major support is at $0.5320.

Technical indicators

Hourly MACD – The MACD for the XRP/USD pair is currently losing 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 0.5580 and USD 0.5440.

Major resistance levels – USD 0.5720 and USD 0.5850.