XRP price is moving higher from the $0.5220 support. The price may gain bullish momentum if it breaks through the $0.5360 and $0.5450 resistance levels.
- XRP price is slowly moving above the $0.5320 support.
- The price is currently above $0.5340 and the 100-hour basic moving average.
- A connecting bullish trendline is forming on the hourly chart of the XRP/USD pair with support at $0.5280 (data source from Kraken).
- The pair could gain bullish momentum if it breaks through the $0.5360 and $0.5450 resistance levels.
The XRP price has a higher purpose
XRP price remained stable above the $0.5220 support, unlike Bitcoin and Ethereum. A base has formed and the price has started a fresh rise above USD 0.5350.
There was a test of resistance at $0.5450, after which the price dropped back to $0.5240. The lowest level has formed at USD 0.5239 and the price is rising again. There was a range rally and the price rose above the resistance at $0.5320.
The price has broken the 50% Fib retracement level of the recent decline from a high of $0.5439 to a low of $0.5239. The price is currently above $0.5320 and the 100-hour basic moving average. A connecting bullish trendline is also forming on the hourly chart of the XRP/USD pair with support at $0.5280.
On the other hand, the price may face resistance near the USD 0.5360 level. It is close to the 61.8% Fib retracement level formed during the recent decline from a high of $0.5439 to a low of $0.5239.
The first major resistance is near the $0.5420 level. The next key resistance may be the USD 0.5450 level. A clear move above the resistance at $0.5450 could push the price towards the resistance at $0.5500. Further increases could push the price towards the resistance at USD 0.5680 or even USD 0.5750 in the near future. The next major hurdle could be the $0.600 price tag.
Another decline?
If XRP fails to break the resistance zone at $0.5360, another decline could begin. Initial downside support is near the $0.5285 level. The next critical support is near the USD 0.5240 level.
If there is a downside breakout and a close below the $0.5220 level, the price may continue to fall towards the $0.5120 support in the near future. The next major support is located near the $0.5050 zone.
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 0.5285 and USD 0.5220.
Major resistance levels – USD 0.5360 and USD 0.5450.
