XRP price is moving higher from the $0.5250 support. The price may gain bullish momentum if it clears the $0.5450 and $0.5500 resistance levels.
- XRP price is trying a new high above the $0.5320 support.
- The price is now trading above $0.5350 and the 100-hour Simple Moving Average.
- There was a break above the main bearish line with resistance at $0.5310 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 Holds Key Support
XRP price remains stable above the $0.5240 support. A base was formed and the price started a new rise above $0.5350 as Bitcoin and Ethereum.
The price rose above the 61.8% Fib retracement level of the downside from $0.5430 swing high to $0.5252 low. Besides, there was a break above the key bearish line with resistance at $0.5310 on the hourly chart of the XRP/USD pair.
The price is now trading above $0.5350 and the 100-hour Simple Moving Average. On the other hand, the price may face resistance near the $0.5390 level. It is near the 76.4% Fib retracement level to the downside from the $0.5430 swing high to $0.5252 low.
The first major resistance is near the $0.5400 level. The next key resistance would be $0.5450. A clear move above the $0.5450 resistance could send the price to the $0.5500 resistance. Any further gains could send the price to resistance at $0.5680 or even $0.5750 in the near term. The next major barrier would be $0.600, where the bears may appear.
Another Rejection?
If XRP fails to clear the $0.540 resistance area, it could start another decline. Initial support on the downside is near the $0.5340 level and the 100-hour Simple Moving Average. The next major support is near the $0.5280 level.
If there is a break below and a close below the $0.5280 level, the price may continue to decline towards the $0.5250 support in the near term. The next major support sits near the $0.5120 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 – $0.5340 and $0.5280.
Major Resistance Levels – $0.5400 and $0.5450.
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