XRP price is attempting a recovery wave from the $0.4865 support. The price could gain bullish momentum if it clears the $0.5120 resistance.
- XRP remained stable and started a recovery wave above $0.500.
- The price is now trading above $0.5050 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trend line with resistance at $0.5025 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a decent increase if there is a close above the $0.5120 resistance.
XRP Price Reclaims $0.50
After a steady decline, XRP price found support near the $0.4865 zone. A low was formed at $0.4864 and the price is now attempting a recovery wave, like Bitcoin and Ethereum. There was a move above the $0.4950 and $0.50 resistance levels.
Besides, there was a break above a major bearish trend line with resistance at $0.5025 on the hourly chart of the XRP/USD pair. The pair even spiked above $0.5100. A high was formed at $0.5120 and the price is now consolidating gains.
There was a test of the 23.6% Fib retracement level of the upward move from the $0.4867 swing low to the $0.5120 high. The price is now trading above $0.5050 and the 100-hourly Simple Moving Average.
Immediate resistance is near the $0.5085 level. The first key resistance is near $0.5120. A close above the $0.5120 resistance zone could spark a strong increase. The next key resistance is near $0.5220. If the bulls remain in action above the $0.5220 resistance level, there could be a rally toward the $0.5350 resistance. Any more gains might send the price toward the $0.550 resistance.
Another Decline?
If XRP fails to clear the $0.5120 resistance zone, it could start another decline. Initial support on the downside is near the $0.5050 level and the 100-hourly Simple Moving Average.
The next major support is at $0.50 or the 50% Fib retracement level of the upward move from the $0.4867 swing low to the $0.5120 high. If there is a downside break and a close below the $0.50 level, the price might accelerate lower. In the stated case, the price could retest the $0.4865 support zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.500 and $0.4865.
Major Resistance Levels – $0.5120 and $0.5220.
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