XRP’s price is currently maintaining its gains above the $0.5250 level. The cryptocurrency is trading within a narrow range, indicating a potential attempt to surpass the $0.550 resistance level soon.
- XRP price is targeting a decisive move above the $0.5420 resistance zone.
- The price is currently trading above $0.5330 and the 100-hourly Simple Moving Average (SMA).
- There has been a break above a short-term bearish trend line, with resistance noted at $0.5360 on the hourly chart of the XRP/USD pair (data sourced from Kraken).
- The pair could gain bullish momentum if it successfully clears the $0.5420 and $0.5450 resistance levels.
XRP Price Eyes Upside Break
Like Bitcoin and Ethereum, XRP’s price has remained well-supported above the $0.5220 level. The price initiated a fresh increase within the range, managing to clear the $0.5320 resistance level.
The price advanced above the 50% Fibonacci retracement level of the downward move from the $0.5426 swing high to the $0.5234 low. Additionally, 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.
Currently, XRP is trading above $0.5330 and the 100-hourly Simple Moving Average (SMA). On the upside, the price might encounter resistance near the $0.5380 level or the 76.4% Fibonacci retracement level of the downward move from the $0.5426 swing high to the $0.5234 low.
Key Resistance Levels
The first significant resistance is near the $0.5420 level, followed by the next key resistance at $0.5450. A clear break above the $0.5450 resistance could propel the price toward the $0.5550 resistance level.
Looking further ahead, the next major resistance is near the $0.5640 level. Should the bullish momentum continue, XRP might aim for the $0.5800 resistance and possibly even $0.5880 in the near term.
Another Decline?
If XRP fails to clear the $0.5420 resistance zone, it might begin another decline. The initial support on the downside is near the $0.5330 level and the 100-hourly SMA. The next significant support is at $0.5280.
Should there be a downside break and a close below the $0.5280 level, the price might continue to decline towards the $0.5220 support level in the near term. The next major support is positioned at $0.5150.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is currently gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is now above the 50 level, indicating bullish momentum.
Major Support Levels: $0.5330 and $0.5280.
Major Resistance Levels: $0.5420 and $0.5450.
