XRP price is correcting its gains from the $0.530 area. The price is testing the support level at $0.520 and may bounce to start a new rise.
- XRP price is eyeing further gains above the $0.5300 area.
- The price is now trading above $0.5200 and the 100 hourly simple moving average.
- There is a major uptrend line forming with support at $0.520 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain upward momentum if it settles above the $0.5300 resistance area.
Support review of XRP prices
XRP price started a good upward movement above the $0.5150 area. There was a move above the $0.520 resistance but it lagged behind Bitcoin and Ethereum. The bulls managed to push the price above the $0.5250 resistance level.
The price traded at a high of $0.5307 and is currently correcting gains. There was a decline below the $0.5265 level. The price fell below the 50% Fibonacci retracement level of the upward wave from the swing low of $0.5111 to the swing high of $0.5307.
The price is now trading above $0.5200 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support at $0.520 on the hourly chart of the XRP/USD pair.
On the upside, the price may face resistance near the $0.5250 level. The first major resistance is located near the $0.5300 level. The next major resistance could be $0.5320. A clear move above the $0.5320 resistance could send the price towards the $0.5450 resistance. Any further gains may push the price towards the $0.5550 resistance level or even $0.5850 in the near term. The next major hurdle could be $0.6000.
Break the downside?
If XRP fails to cross the $0.5250 resistance area, it could start another decline. Initial support on the downside is near the $0.5200 level. The next major support is near the $0.5185 level and the 61.8% Fibonacci retracement level of the upward wave from the $0.5111 swing low to the $0.5307 swing high.
If there is a downward breakout and close below the $0.5185 level, the price may continue to fall towards the $0.5050 support level in the near term. The next major support is near the $0.5000 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $0.5200 and $0.5185.
Key resistance levels – $0.5250 and $0.5300.
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