XRP price rose higher and tested the $0.4840 resistance zone. The price corrected gains but bulls are able to protect the $0.4750 support.

• XRP price is heading towards breaking through the resistance zone at $0.4840.
• The price is currently holding above $0.4720 and the 100-hour plain moving average.
• On the hourly chart of the XRP/USD pair, a connecting uptrend line is forming with support at $0.4760 (data source: Kraken).
• The pair may gain upward momentum if it closes above the resistance at USD 0.4840.

XRP price corrects gains

XRP price started a decent uptrend above the $0.4740 resistance, similar to Bitcoin and Ethereum. Bulls managed to push the price above $0.480. However, bears were lively near the $0.4840 resistance zone.

The top was formed at $0.4839 and the price recently started a downward correction. There was a move below the $0.4800 and $0.4780 levels. The price even fell sharply below the 50% Fibonacci retracement level of the upside move from the $0.4695 swing low to the $0.4839 high.

Currently trading above $0.4740 and the 100-hour plain moving average, the XRP/USD hourly chart is also forming a connecting bullish trendline with support at $0.4760.

On the other hand, the price is encountering resistance near the $0.480 level. The first major resistance is near the $0.4840 level. The next key resistance could be $0.4880. A clear move above the $0.4880 resistance could take the price towards the $0.5050 resistance.

The next major resistance is near the $0.5120 level. A close above the $0.5120 resistance zone could see the price rally towards $0.5250. Any further gains could see the price rally towards the $0.5320 resistance.

More losses?

If XRP fails to break through the $0.4840 resistance zone, it could continue to fall. Initial support on the downside is near the $0.4765 level and the trendline.

The next major support is at $0.4740, the 61.8% Fibonacci retracement level of the upside from the $0.4695 swing low to $0.4839 high and the 100-hour plain moving average. If it breaks lower and closes below $0.4740, the price could continue to decline toward the $0.4640 support in the near future.

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 just below the 50 level.

Major support levels – USD 0.4765 and USD 0.4740.

Major resistance levels – USD 0.4800 and USD 0.4840.