XRP price has gained bullish momentum above the $0.50 resistance zone. The price is consolidating gains and could aim for another move above the $0.5450 resistance zone.

• The price of XRP increased by more than 20% in a few days and broke through the $0.500 zone.
• The price is currently holding above $0.5050 and the 100-hour straightforward moving average.
• A short-term contracting triangle is forming on the hourly chart of the XRP/USD currency pair with support at $0.520 (data source: Kraken).
• The pair could continue to rally if it closes above the USD 0.540 resistance level.

XRP price regains strength

XRP price remained in the positive zone above the $0.440 level and extended its rebound wave. It gained over 20% in a few days, outperforming Ethereum and Bitcoin. The price was able to rise above the resistance levels of $0.5050 and $0.5200.

The price even broke through the $0.5450 level and rose above $0.550. The high was formed at $0.5659 and the price corrected the profits. There was a diminutive decline below the $0.5450 level. The price tested the $0.5150 support zone. The low was formed at $0.5140 and the price is currently consolidating.

There was a move above the 23.6% Fibonacci retracement level of the downside move from the $0.5659 high to $0.5140 low. The price is now trading above $0.520 and the 100-hour straightforward moving average. Furthermore, a short-term contracting triangle is forming on the hourly chart of the XRP/USD pair with support at $0.520.

On the other hand, the price is encountering resistance near the $0.5290 level. The first major resistance is near the $0.5320 level. The next key resistance could be $0.5450. A clear move above the $0.5450 resistance could take the price towards the $0.5650 resistance. The next major resistance is near the $0.5880 level. Any further gains could take the price towards the $0.600 resistance.

Are DIPs supported?

If XRP fails to break through the $0.5450 resistance zone, it could begin a downward correction. Initial support on the downside is near the $0.520 level.

The next major support is at $0.5150. If the downtrend breaks and closes below $0.5150, the price could continue to decline towards the support at $0.490 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 above the 50 level.

Major support levels – USD 0.5200 and USD 0.5150.

Major resistance levels – USD 0.5320 and USD 0.5450.