XRP Price Is Heading For A Breakout: Will It Break Through Resistance?

XRP price has started a rebound above the $0.4880 resistance. The price could gain bullish momentum if it breaks through the $0.5220 resistance.

XRP price started an uptrend above the $0.4750 and $0.4880 levels.
The price is currently trading below $0.5220 and the 100-hour basic moving average.
On the hourly chart of the XRP/USD pair, there was a breakout of a key downtrend line with resistance at $0.5040 (data source: Kraken).
The pair may continue to rally if it breaks through the resistance zone at USD 0.5220.

XRP price regains strength

XRP price formed a base above $0.4320 and started a recovery wave, similar to Ethereum and Bitcoin. The price was able to break above the resistance levels of $0.4750 and $0.4880.

There was a move above the 50% Fibonacci retracement level of the downward move from the $0.5767 high to $0.4320 low. Additionally, there was a break above a key bearish trendline with resistance at $0.5040 on the hourly chart of the XRP/USD pair.

However, the price is facing obstacles near the $0.5200 zone. It is still trading below the $0.520 and the 100-hour basic moving average. On the other hand, the price is facing obstacles near the $0.5220 level and the 100-hour basic moving average. It is near the 61.8% Fibonacci retracement level of the downward move from the $0.5767 high to the $0.4320 low.

The first major resistance is near the $0.5420 level. The next key resistance could be $0.5750. A clear move above the $0.5750 resistance could take the price towards the $0.5840 resistance. The next major resistance is near the $0.5920 level. Any further gains could take the price towards the $0.600 resistance or even $0.6120 in the near future.

Another drop?

If XRP fails to break through the $0.5220 resistance zone, it could begin another decline. Initial support on the downside is near the $0.4980 level. The next major support is at the $0.4880 level.

If it breaks and closes below $0.4880, the price could continue to decline towards the $0.4660 support in the near future. The next major support is at $0.4500.

Technical indicators

Hourly MACD – The MACD for the XRP/USD pair is currently gaining 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 0.4980 and USD 0.4880.

Major resistance levels – USD 0.5220 and USD 0.5420.