XRP price is moving higher above the $0.5400 area. The price must stay above the $0.5550 resistance to set the pace for a major rally.
- XRP price is trying a new high above the $0.540 area.
- The price is now trading above $0.5410 and the 100-hour Simple Moving Average.
- There is an important trend line forming at the $0.5395 support 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 $0.550 and $0.5550.
XRP Price Revisits Resistance
XRP price started a lower correction from the $0.5550 resistance area. There was a move below the $0.5420 support. However, the bulls were active at $0.5320. The low was formed at $0.5317 and the price is now rising like Bitcoin and Ethereum.
The price rose above the resistance levels of $0.5380 and $0.540. There was a move above the 50% Fib retracement level to the downside from the $0.5550 swing high to $0.5317 low.
The price is now trading above $0.540 and the 100-hour Simple Moving Average. There is also a major bullish trendline forming with support at $0.5395 on the hourly chart of the XRP/USD pair.
On the other hand, the price may face resistance near the $0.5460 level or the 61.8% Fib retracement level to the downside from the $0.5550 swing high to $0.5317 low. The first major resistance is near the $0.5500 level. The next key resistance would be $0.5550.
A clear move above the $0.5550 resistance could send the price to the $0.5650 resistance. Any further gains may send the price towards resistance at $0.5800 or even $0.5880 in the near term. The next major hurdle would be $0.6000.
Another Rejection?
If XRP fails to clear the $0.550 resistance area, it could start another decline. The first support on the downside is near the $0.540 level and the trend line. The next major support is near the $0.5320 level.
If there is a break below and a close below the $0.5320 level, the price may continue to decline to the $0.5210 support in the near term. The next major support sits near the $0.5050 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 – $0.5400 and $0.5320.
Major Resistance Levels – $0.5500 and $0.5550.
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