XRP price shows positive signs above the $0.5100 resistance level. A break above the $0.520 and $0.5220 resistance levels could see the price gain bullish momentum.
- XRP is expecting a fresh rise above the $0.520 level.
- The price is currently trading above $0.510 and the 100-hour simple moving average.
- On the hourly chart of the XRP/USD pair, there is another short-term downward channel with resistance forming at $0.520 (data source from Kraken).
- If the price closes above the $0.520 resistance line, the pair could begin another rally.
XRP price sees further gains
After a steady rise, XRP price faced resistance near $0.520. Recently, there have been minor downward adjustments in Bitcoin and Ethereum. The price fell below the $0.5180 level.
It moved below the 23.6% Fib retracement level of the bullish wave from the $0.4980 swing low to the $0.5225 high. However, the bulls are active near the $0.5140 area. The price is still trading above $0.510 and the 100-hour simple moving average.
Immediate resistance is near the $0.5195 level. The first major resistance is near $0.520. Additionally, on the hourly chart of the XRP/USD pair, there is a short-term downward channel forming with resistance at $0.520.
A break above the $0.520 resistance could push the price higher. The next major resistance is near $0.5220. If the bulls push the price above the $0.5220 resistance, there could be a fresh move towards the $0.5350 resistance. Any more profits could push the price towards the $0.550 resistance.
Are there more losses?
If XRP fails to clear the $0.520 resistance area, it could slowly decline. Initial support for the downside is near the $0.5150 level. The next major support is at $0.5120.
Key support is currently near $0.510 and the 50% Fib retracement level of the uptrend from $0.4980 to $0.5225 has risen from the low. A downward breakout and a close below the $0.510 level could push the price lower. If indicated, the price may move lower to test the $0.4980 support in the near term.
technical indicators
Hourly MACD – The MACD for XRP/USD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.5120 and $0.5100.
Key resistance levels – $0.5200 and $0.5220.