XRP price is pacing above the $0.5050 support area. The price is rising and may target a move above the $0.5500 resistance.
- XRP price is aiming for a significant rise above $0.5250.
- 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), there was a breakout above the bearish trend line connecting with the resistance at $0.5100.
- If it settles above the $0.5350 resistance zone, it could gain bullish momentum.
XRP price rises 4%
XRP price remained above the $0.4880 level. It formed a base and started a new rise above $0.5050, like Bitcoin and Ethereum.
There was movement above the $0.5120 and $0.5200 resistance levels. On the hourly chart of the XRP/USD pair, a breakout occurred above the connected bearish trendline with resistance at $0.5100. It last tested the $0.5365 area. A high was formed at $0.5368 and the price is currently consolidating gains above the 23.6% Fib retracement level rising from the $0.4948 swing low to the $0.5368 high.
The price is currently trading above $0.5200 and the 100-hour simple moving average. On the other hand, the price may face resistance near $0.5350. The first major resistance is near the $0.5365 level.
The next major resistance could be $0.5450. A clear break above the $0.5450 resistance may push the price towards the $0.5500 resistance. If more gains occur, the price may move up to the $0.5665 resistance or even $0.5720 in the near term. The next major hurdle could be $0.5840.
Another decline?
If XRP fails to clear the $0.5350 resistance area, another decline could begin. Initial support for the downside is near the $0.5250 level. The next major support is near the $0.5155 level or the 50% Fib retracement level of the rise from the $0.4948 swing low to the $0.5368 high.
If a downward breakout occurs and the price closes below the $0.5155 level, the price may continue to decline towards the $0.5050 support in the near term. The next major support is near the $0.500 area.
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 – $0.5250 and $0.5155.
Key resistance levels – $0.5350 and $0.5500.