XRP price is moving higher from the $0.5250 support level. The price could gain upward momentum if it crosses the $0.5450 and $0.5500 resistance levels.
- XRP price is trying to make a new increase above the $0.5320 support level.
- The price is now trading above $0.5350 and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance at $0.5310 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain upward momentum if it crosses the $0.5450 and $0.5500 resistance levels.
XRP price holds major support
XRP price remained stable above the $0.5240 support level. A base was formed and the price started a new increase above $0.5350 like Bitcoin and Ethereum.
The price rose above the 61.8% Fibonacci retracement level of the downward move from the high of $0.5430 to the low of $0.5252. Moreover, there was a break above the major downtrend line with resistance at $0.5310 on the hourly chart of the XRP/USD pair.
The price is now trading above $0.5350 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $0.5390 level. It is close to the 76.4% Fib retracement level of the downward move from the high of $0.5430 to the low of $0.5252.
The first major resistance is located near the $0.5400 level. The next major resistance could be $0.5450. A clear move above the $0.5450 resistance could send the price towards the $0.5500 resistance. Any further gains may push the price towards the $0.5680 resistance level or even $0.5750 in the near term. The next major hurdle could be $0.600, where the bears might emerge.
Another retreat?
If XRP fails to cross the $0.540 resistance area, it could start another decline. Initial support on the downside is near the $0.5340 level and the 100 hourly simple moving average. The next major support is near the $0.5280 level.
If there is a downward breakout and close below the $0.5280 level, the price may continue to fall towards the $0.5250 support level in the near term. The next major support is near the $0.5120 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 – $0.5340 and $0.5280.
Key resistance levels – $0.5400 and $0.5450.
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