XRP price is holding the $0.500 support zone. The price is beating Bitcoin and might aim for a move above the $0.5120 resistance.
- XRP price is eyeing a decent increase above the $0.5120 zone.
- The price is now trading below $0.5100 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $0.5020 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it settles above the $0.5120 resistance zone.
XRP Price Eyes Steady Increase
XRP price extended losses below the $0.5050 support zone. The price even declined below $0.5020 before the bulls emerged, but losses were limited compared to Bitcoin and Ethereum.
A low was formed at $0.4921 and the price started a fresh increase. There was a move above the $0.4980 and $0.500 resistance levels. It cleared the 23.6% Fib retracement level of the downward move from the $0.5236 swing high to the $0.4921 low.
Besides, there was a break above a connecting bearish trend line with resistance at $0.5020 on the hourly chart of the XRP/USD pair. The price is now trading below $0.5100 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $0.5080 level or the 50% Fib retracement level of the downward move from the $0.5236 swing high to the $0.4921 low. The first major resistance is near the $0.5120 level.
The next key resistance could be $0.5160. A clear move above the $0.5160 resistance might send the price toward the $0.5250 resistance. Any more gains might send the price toward the $0.5320 resistance or even $0.5350 in the near term. The next major hurdle might be $0.550.
Another Decline?
If XRP fails to clear the $0.5080 resistance zone, it could start another decline. Initial support on the downside is near the $0.500 level. The next major support is near the $0.4950 level.
If there is a downside break and a close below the $0.4950 level, the price might continue to decline toward the $0.4920 support in the near term. The next major support sits near the $0.4880 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 – $0.5000 and $0.4950.
Major Resistance Levels – $0.5080 and $0.5120.
