XRP price is holding gains above the $0.5250 level. The price is now trading in a tight range and it might soon attempt to break above the $0.550 resistance.
- XRP price is targeting 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 feed from Kraken).
- The pair could gain bullish momentum if it clears the resistance levels of $0.5420 and $0.5450.
XRP Price Eyes Bullish Breakout
XRP price remained well supported above the $0.5220 level as Bitcoin and EthereumThe price started a fresh increase within the range and was able to overcome the resistance level of $0.5320.
The price rose above the 50% Fib retracement level of the downward move from the $0.5426 high to $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 high to $0.5234 low.
The first major resistance is near the $0.5420 level. The next key resistance could be at $0.5450. A clear move above the $0.5450 resistance could send the price towards the $0.5550 resistance.
The next major resistance is near the $0.5640 level. Any further gains could send the price towards the $0.5800 or even $0.5880 resistance in the near term.
Another decline?
If XRP fails to clear the $0.5420 resistance zone, it could start another decline. The initial support on the downside is near the $0.5330 level and the 100 hourly simple moving average (SMA). The next major support is $0.5280.
If there is a downside break and close below the $0.5280 level, the price could continue to decline towards the $0.5220 support in the near term. The next major support lies at $0.5150.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining momentum 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.
Main resistance levels: $0.5420 and $0.5450.
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