XRP price avoided a major downturn due to the surge in ETH. The price has recovered above $0.5220 and is eyeing a significant upside reversal in the near term.
- XRP started a significant rise above the $0.5150 resistance zone.
- The price is currently trading above $0.5250 and the 100-hour simple moving average.
- On the hourly chart of the XRP/USD pair (data source from Kraken), a breakout occurred above the main bearish trendline with resistance at $0.520.
- The pair may correct gains but the bulls may remain active near the $0.5180 area.
XRP price recovery
After falling to the $0.5065 support level, XRP price began a recovery. Recently, Ethereum has risen more than 20% and Bitcoin has surpassed $70,000. This triggered a significant bullish move in XRP.
The price broke above the $0.5150 and $0.520 resistance levels. On the hourly chart of the XRP/USD pair, a breakout occurred above the main bearish trendline with resistance at $0.520. The pair broke the resistance level of $0.5320 and traded as high as $0.5386.
The price is currently correcting to the upside and could test the 23.6% Fib retracement level of the uptrend from the $0.5064 swing low to the $0.5386 high.
It is currently trading above $0.5250 and the 100-hour simple moving average. Immediate resistance is near the $0.5380 level. The first major resistance is near $0.5420. A break above the $0.5420 resistance could push the price higher. The next major resistance is near $0.5550.
If the bulls push the price above the $0.5550 resistance, there could be a fresh move towards the $0.5650 resistance. Any more profits could push the price towards the $0.5720 resistance.
Another decline?
If XRP fails to clear the $0.5380 resistance area, a downward correction could begin. Initial support for the downside is near the $0.5310 level. The next major support is at $0.5250.
Key support is currently near $0.5220 or the 50% Fib retracement level of the upward wave from the $0.5064 swing low to the $0.5386 high. A downward breakout and a close below the $0.5220 level could push the price lower. If indicated, the price may move lower to test the $0.5065 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 above the 50 level.
Key support levels – $0.5310 and $0.5220.
Key resistance levels – $0.5380 and $0.5420.
Source: NewsBTC.com