XRP price is recovering above the $0.500 resistance. The price is showing a positive bias and may bounce above the $0.580 and $0.600 levels.
- XRP is attempting a recovery above the $0.50 area.
- The price is currently trading above $0.5150 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the XRP/USD pair (data source from Kraken), a breakout occurred above the main bearish trendline with resistance at $0.5220.
- A close above the $0.580 resistance line could give the pair some bullish momentum.
XRP Price Aims Higher
After the sharp decline, XRP price found support near $0.3880. Like Bitcoin and Ethereum, it formed a base and started a new rise above the $0.450 resistance level. The bulls were able to push the price above the $0.50 resistance.
The price broke above the 50% Fib retracement level moving down from the $0.6420 swing high to the $0.3875 low. Moreover, the XRP/USD pair broke the key bearish trend line at $0.5220, which is the resistance level on the 4-hours chart.
The price is currently trading above $0.5150 and the 100 simple moving average (4-hours). Immediate resistance is near the $0.5650 level. The next major resistance is the 76.4% Fib retracement level near $0.5820 or a downside move from the $0.6420 swing high to the $0.3875 low.
Source: XRPUSD on TradingView.com
A break above the $0.5820 resistance could trigger a strong rally. The next major resistance is near $0.620. If the bulls continue to be active above the $0.620 resistance, there could be a rally towards the $0.680 resistance. Any more profits could push the price towards the $0.700 resistance.
Another drop?
If XRP fails to clear the $0.5820 resistance area, another decline could begin. Initial support for the downside is near the $0.540 level.
The next major support is at $0.5150. A downward breakout and a close below the $0.5150 level could push the price lower. If indicated, the price may retest the $0.4650 support area.
technical indicators
4-Hour MACD – The MACD for XRP/USD is now pacing in bullish territory.
4-Hour Relative Strength Index (RSI) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.540, $0.5150 and $0.4650.
Key resistance levels – $0.5650, $0.5820 and $0.6200.
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