XRP price is correcting the rise above the $0.570 resistance. The price is stable above the $0.5240 support and may target a fresh rally in the near term.
- XRP began a significant rally and moved above the $0.550 resistance level.
- The price is currently trading above $0.5250 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the XRP/USD pair, there is a major bullish trendline forming around support at $0.5320 (data source from Kraken).
- If the bulls defend the $0.5240 support, the pair could start another increase.
XRP price maintains support
Recently, the price of XRP started to rise significantly above the $0.5250 resistance zone. The bulls pushed the price above the $0.550 resistance zone before the bears emerged.
A high was formed at $0.5699 before declines like Bitcoin and Ethereum took hold. The price fell below the $0.550 support area. The price fell below the 23.6% Fib retracement level, rising from the $0.4787 swing low to the $0.5699 high.
But now the price is stable above $0.5250 and the 100 simple moving average (4-hours). There is also a major bullish trendline with support at $0.5320 on the 4-hours chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
Immediate resistance is near the $0.5480 level. The first major resistance is near $0.570. A break above the $0.570 resistance could trigger a strong rally. The next major resistance is near $0.5850. If the bulls continue to see activity above the $0.5850 resistance, there could be a rally towards the $0.620 resistance. Any more profits could push the price towards the $0.680 resistance.
Are there more losses?
If XRP fails to clear the $0.5480 resistance area, another decline could begin. Initial support for the downside is near the $0.5320 level and trendline.
The next major support is at $0.5240 and the 100 simple moving average (4-hours). A downward breakout and a close below the $0.5240 level could push the price lower. If noted, the price may retest the $0.50 support area.
technical indicators
4-Hour MACD – The MACD for XRP/USD is now losing speed in bullish territory.
4-Hour Relative Strength Index (RSI) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.5320, $0.5240 and $0.500.
Key resistance levels – $0.5480, $0.570, $0.600.
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