XRP price is rallying above the $0.5080 support level. The price may gain momentum if it clears the $0.5450 resistance area in the near term.
- XRP price is still rallying above the $0.5080 support.
- The price is now trading above $0.5250 and the 100-hour Simple Moving Average.
- There is an important bearish trend line forming resistance at $0.5450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair can find bullish momentum if it clears the resistance levels of $0.5450 and $0.5500.
XRP Price Eyes Recovery
XRP price extended its decline below the $0.5350 level, Bitcoin and Ethereum underperforming. The price has fallen significantly below the $0.5250 support area.
A low was formed at $0.5070 and the price is now covering losses. There was little movement above the $0.5250 level. Recently, the price tested the 23.6% Fib retracement level of the downward wave from $0.6640 swing high to $0.5070 low.
The price is now trading above $0.5250 and the 100-hour Simple Moving Average. On the other hand, the price may face resistance near the $0.5450 level. There is also a key bearish trendline forming resistance at $0.5450 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $0.5500 level. The next key resistance would be $0.5650. A clear move above the $0.5650 resistance could send the price to the $0.580 resistance. Any further gains could send the price towards the $0.6000 or even $0.6050 resistance in the near term.
Another Rejection?
If XRP fails to clear the $0.5450 resistance area, it could start another decline. The first support on the downside is near the $0.5300 level. The next major support is near the $0.5250 level.
If there is a break below and a close below the $0.5250 level, the price may continue to decline to the $0.5120 support in the near term. The next major support sits near the $0.5080 area.
Technical References
Hourly MACD – The MACD of XRP/USD is now gaining momentum in bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5250 and $0.5120.
Major Resistance Levels – $0.5450 and $0.5500.