XRP price is trying a recovery wave from the $0.4865 support level. The price may gain upward momentum if it crosses the $0.5120 resistance level.
- XRP remained stable and started a recovery wave above $0.500.
- The price is now trading above $0.5050 and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance at $0.5025 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a good increase if there is a close above the $0.5120 resistance level.
XRP price recovers $0.50
After a steady decline, XRP price found support near the $0.4865 area. The low was formed at $0.4864 and the price is now trying a recovery wave, like Bitcoin and Ethereum. There was a move above the $0.4950 and $0.50 resistance levels.
Moreover, there was a break above the major downtrend line with resistance at $0.5025 on the hourly chart of the XRP/USD pair. The pair rose above $0.5100. The high was formed at $0.5120 and the price is now consolidating its gains.
The 23.6% Fibonacci retracement level was tested for the upward move from the swing low at $0.4867 to the swing high at $0.5120. The price is now trading above $0.5050 and the 100 hourly simple moving average.
Immediate resistance is located near the $0.5085 level. The first major resistance is located near $0.5120. A close above the $0.5120 resistance area could lead to a strong rally. The next major resistance is near $0.5220. If the bulls keep moving above the $0.5220 resistance level, there could be a rally towards the $0.5350 resistance level. Any further gains may push the price towards the $0.550 resistance level.
Another retreat?
If XRP fails to cross the $0.5120 resistance area, it could start another decline. Initial support on the downside is near the $0.5050 level and the 100 hourly simple moving average.
The next major support is at $0.50 or the 50% Fib retracement level of the upward move from the swing low of $0.4867 to the swing high of $0.5120. If there is a downward breakout and close below the $0.50 level, the price may accelerate downward. In the mentioned case, the price could retest the $0.4865 support area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.500 and $0.4865.
Key resistance levels – $0.5120 and $0.5220.
