XRP price is once again gaining bullish momentum by breaking out of the $0.520 resistance zone, with the price expected to rise further above $0.550 and $0.5650.
- XRP price has once again started to rise above the $0.5250 resistance zone.
- The price is currently trading above $0.540 and the 100 hourly simple moving average.
- There is a significant bullish trend line forming with support at $0.5220 on the hourly chart of the XRP/USD pair (Data Source: Kraken).
- The currency pair can continue its rise if it can close above the resistance level of $0.5620.
XRP Price Recovers
XRP price formed a base above the $0.500 level and started a new uptrend. The price broke through the $0.5250 resistance and moved again into positive territory like Ethereum and Bitcoin.
There was also a move above the $0.550 resistance level. A high was formed at $0.5610 and the price is now consolidating gains above the 23.6% Fib retracement level of the move from the swing low of $0.5227 to the high of $0.5610.
The price is currently trading above $0.5420 and the 100 hourly simple moving average. Moreover, a significant bullish trend line has formed with support at $0.5220 on the hourly chart of the XRP/USD pair.
On the upside, the price is facing resistance near $0.5610. The first major resistance is near $0.5620. The next major resistance could be at $0.5650. A clear break above the $0.5650 resistance could send the price towards the $0.5740 resistance. The next major resistance is near $0.580. Any further upside could send the price towards the $0.600 resistance.
Are the dips limited?
If XRP fails to break out of the $0.5620 resistance zone, a downward correction might begin to set in. The first support on the downside is near the $0.5420 level and the 50% Fib retracement level of the rise from the swing low of $0.5227 to the high of $0.5610.
The next major support is $0.5280 and the trend line. If a downside break occurs and the price closes below the $0.5280 level, the price could continue its decline towards the $0.5050 support in the short term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Key support levels – $0.5420 and $0.5280.
Key Resistance Levels – $0.5620 and $0.5650.
