XRP price is slowly rising above the $0.5200 area. It currently faces a hurdle near $0.5320 and may move lower in the near future.
- XRP is attempting a fresh increase above the $0.5250 area.
- The price is currently trading above $0.5220 and the 100-hour simple moving average.
- On the hourly chart of the XRP/USD pair (data source from Kraken), a break has occurred below the main bullish trendline with support at $0.5260.
- The pair may correct downwards towards the $0.5220 support before the bulls reappear.
XRP price upward traction
XRP price was well supported above the $0.5120 area and extended gains like Bitcoin and Ethereum. The price was able to clear the $0.5200 and $0.5250 levels.
There was a clear move above the $0.5300 resistance and the price tested the $0.5320 area. A high was formed at $0.5325 and the price is currently correcting to the upside. It traded below the 23.6% Fib retracement level, rising from the $0.5080 swing low to the $0.5325 high.
Additionally, on the hourly chart of the XRP/USD pair, a break occurred below the main bullish trendline with support at $0.5260. The pair is currently trading above $0.5220 and the 100-hour simple moving average.
On the other hand, the price is finding resistance near $0.5200. The first major resistance is near $0.5320. The next major resistance is near the $0.5350 level. A break above the $0.5350 resistance could push the price higher. The next major resistance is near $0.550.
If the price closes above the $0.550 resistance line, there could be a steady rise towards the $0.5560 resistance line. Any more profits could push the price towards the $0.5650 resistance.
Are there more losses?
If XRP fails to clear the $0.5350 resistance area, it may continue to decline. Initial support for the downside is near the $0.5260 level.
The next major support is the 50% Fib retracement level at $0.5200 or the rise from the $0.5080 swing low to the $0.5325 high. A downward breakout and a close below the $0.520 level could push the price lower. If indicated, the price may decline and retest the $0.5120 support in the near term.
technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $0.5260 and $0.5220.
Key resistance levels – $0.5300 and $0.5320.