XRP worth is struggling to rise above the $0.550 stage. The worth should clear the $0.5450 and $0.5500 resistance ranges to begin an honest enhance.
- XRP worth continues to be consolidating above the $0.5080 assist.
- The worth is now buying and selling close to $0.5250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish development line with resistance at $0.5380 on the hourly chart of the XRP/USD pair (knowledge supply from Kraken).
- The pair may acquire bullish momentum if it clears the $0.5450 and $0.5500 resistance ranges.
XRP Price Eyes Upside Break
XRP worth remained well-bid above the $0.5080 assist stage, in contrast to Bitcoin and Ethereum. The worth began a sluggish upward transfer above the $0.5220 and $0.5320 resistance ranges.
There was a break above a key bearish development line with resistance at $0.5380 on the hourly chart of the XRP/USD pair. However, the bears had been lively close to the $0.5450 resistance stage. They protected the 23.6% Fib retracement stage of the downward wave from the $0.6640 swing excessive to the $0.5070 low.
The worth is now buying and selling close to $0.5250 and the 100-hourly Simple Moving Average. If there may be one other enhance, the worth may face resistance close to the $0.5350 stage. The first main resistance is close to the $0.5450 stage.
The subsequent key resistance might be $0.5500. A transparent transfer above the $0.5500 resistance may ship the worth towards the $0.5850 resistance. It is near the 50% Fib retracement stage of the downward wave from the $0.6640 swing excessive to the $0.5070 low. Any extra positive factors may ship the worth towards the $0.6000 resistance and even $0.6050 within the close to time period. The subsequent main hurdle is perhaps $0.6250.
Another Decline?
If XRP fails to clear the $0.5450 resistance zone, it may begin one other decline. Initial assist on the draw back is close to the $0.5220 stage. The subsequent main assist is close to the $0.5150 stage.
If there’s a draw back break and an in depth beneath the $0.5150 stage, the worth may proceed to say no towards the $0.5050 assist within the close to time period. The subsequent main assist sits close to the $0.5000 zone.
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 – $0.5250 and $0.5120.
Major Resistance Levels – $0.5450 and $0.5500.
