XRP price is holding gains above the $0.5250 level. The price is now trading in a tight range and might soon attempt a move above the $0.550 resistance.
XRP price is eyeing a clear move above the $0.5420 resistance zone.
The price is now trading above $0.5330 and the 100-hourly Simple Moving Average.
There was a break above a short-term bearish trend line with resistance at $0.5360 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5420 and $0.5450 resistance levels.
XRP Price Eyes Upside Break
XRP price remained well-supported above the $0.5220 level like Bitcoin and Ethereum. The price started a fresh increase within the range and was able to clear the $0.5320 resistance level.
The price climbed above the 50% Fib retracement level of the downward move from the $0.5426 swing high to the $0.5234 low. There was also a break above a short-term bearish trend line with resistance at $0.5360 on the hourly chart of the XRP/USD pair.
The price is now trading above $0.5330 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5380 level or the 76.4% Fib retracement level of the downward move from the $0.5426 swing high to the $0.5234 low.
The first major resistance is near the $0.5420 level. The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5550 resistance.
The next major resistance is near the $0.5640 level. Any more gains might send the price toward the $0.5800 resistance or even $0.5880 in the near term.
Another Decline?
If XRP fails to clear the $0.5420 resistance zone, it could start another decline. Initial support on the downside is near the $0.5330 level and the 100 hourly SMA. The next major support is $0.5280.
If there is a downside break and a close below the $0.5280 level, the price might continue to decline toward the $0.5220 support in the near term. The next major support sits at $0.5150.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5330 and $0.5280.
Major Resistance Levels – $0.5420 and $0.5450.
Read More from Aayush Jindal on www.newsbtc.com
