XRP worth prolonged its improve above the $0.550 resistance zone. The worth is exhibiting optimistic indicators and may lengthen positive factors above $0.5850 and $0.600.
- XRP worth began one other improve above the $0.550 resistance zone.
- The worth is now buying and selling above $0.550 and the 100-hourly Simple Moving Average.
- There is a connecting bullish pattern line forming with help at $0.5620 on the hourly chart of the XRP/USD pair (knowledge supply from Kraken).
- The pair may lengthen positive factors if there’s a shut above the $0.600 resistance degree.
XRP Price Regains Strength
XRP worth shaped a base above the $0.525 degree and began a contemporary improve. The worth broke the $0.5450 resistance to maneuver once more right into a optimistic zone like Ethereum and Bitcoin.
There was additionally a transfer above the $0.5650 resistance degree. A excessive was shaped at $0.5925 and the value is now consolidating positive factors. There was a minor decline under the 23.6% Fib retracement degree of the upward transfer from the $0.5330 swing low to the $0.5925 excessive.
The worth is now buying and selling above $0.5550 and the 100-hourly Simple Moving Average. Besides, there’s a connecting bullish pattern line forming with help at $0.5620 on the hourly chart of the XRP/USD pair.
On the upside, the value is dealing with resistance close to the $0.5950 degree. The first main resistance is close to the $0.600 degree. The subsequent key resistance might be $0.620. A clear transfer above the $0.620 resistance may ship the value towards the $0.6380 resistance. The subsequent main resistance is close to the $0.650 degree. Any extra positive factors may ship the value towards the $0.6880 resistance.
Are Dips Supported?
If XRP fails to clear the $0.600 resistance zone, it may begin a draw back correction. Initial help on the draw back is close to the $0.5620 degree, the pattern line, and the 50% Fib retracement degree of the upward transfer from the $0.5330 swing low to the $0.5925 excessive.
The subsequent main help is at $0.550. If there’s a draw back break and a detailed under the $0.550 degree, the value may proceed to say no towards the $0.5350 help within the close to time period.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 degree.
Major Support Levels – $0.5620 and $0.5500.
Major Resistance Levels – $0.5950 and $0.6000.
