XRP worth is consolidating features above the $0.5550 stage. The worth may achieve bullish momentum if it clears the $0.580 resistance zone.
- XRP worth is eyeing a recent enhance from the $0.5620 stage.
- The worth is now buying and selling above $0.5680 and the 100-hourly Simple Moving Average.
- There is a key rising channel forming with assist at $0.5630 on the hourly chart of the XRP/USD pair (information supply from Kraken).
- The pair may begin a recent enhance if it clears the $0.580 resistance zone.
XRP Price Holds Uptrend Support
XRP worth remained steady close to the $0.5550 stage and tried extra features. It shaped a base and began a recent enhance beating Bitcoin and Ethereum. There was a transfer above the $0.5650 resistance zone.
There was a transfer above the 50% Fib retracement stage of the downward transfer from the $0.5760 swing excessive to the $0.5614 swing low. The worth is now exhibiting optimistic indicators and rising towards the $0.5750 resistance. It can also be buying and selling above $0.5680 and the 100-hourly Simple Moving Average.
Besides, there’s a key rising channel forming with assist at $0.5630 on the hourly chart of the XRP/USD pair. On the upside, the worth is dealing with hurdles close to the $0.5725 stage. It is near the 76.4% Fib retracement stage of the downward transfer from the $0.5760 swing excessive to the $0.5614 swing low.
The first main resistance is close to the $0.5750 stage. The subsequent key resistance might be $0.580. A clear transfer above the $0.580 resistance would possibly ship the worth towards the $0.6120 resistance. The subsequent main resistance is close to the $0.6250 stage. Any extra features would possibly ship the worth towards the $0.6350 resistance and even $0.650 within the close to time period.
Another Decline?
If XRP fails to clear the $0.5750 resistance zone, it may begin one other decline. Initial assist on the draw back is close to the $0.5640 stage. The subsequent main assist is at $0.5620.
If there’s a draw back break and a detailed beneath the $0.5620 stage, the worth would possibly proceed to say no towards the $0.5550 assist within the close to time period. The subsequent main assist sits at $0.5350.
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 stage.
Major Support Levels – $0.5620 and $0.5550.
Major Resistance Levels – $0.5750 and $0.5800.
