XRP worth is transferring greater above the $0.5400 zone. The worth should settle above the $0.5550 resistance to set the tempo for a bigger improve.
- XRP worth is trying a contemporary improve above the $0.540 zone.
- The worth is now buying and selling above $0.5410 and the 100-hourly Simple Moving Average.
- There is a key bullish pattern line forming with assist at $0.5395 on the hourly chart of the XRP/USD pair (knowledge supply from Kraken).
- The pair might acquire bullish momentum if it clears the $0.550 and $0.5550 resistance ranges.
XRP Price Revisits Resistance
XRP worth began a draw back correction from the $0.5550 resistance zone. There was a transfer beneath the $0.5420 assist. However, the bulls have been lively at $0.5320. A low was shaped at $0.5317 and the worth is now rising like Bitcoin and Ethereum.
The worth climbed above the $0.5380 and $0.540 resistance ranges. There was a transfer above the 50% Fib retracement degree of the downward transfer from the $0.5550 swing excessive to the $0.5317 low.
The worth is now buying and selling above $0.540 and the 100-hourly Simple Moving Average. There can also be a key bullish pattern line forming with assist at $0.5395 on the hourly chart of the XRP/USD pair.
On the upside, the worth may face resistance close to the $0.5460 degree or the 61.8% Fib retracement degree of the downward transfer from the $0.5550 swing excessive to the $0.5317 low. The first main resistance is close to the $0.5500 degree. The subsequent key resistance may very well be $0.5550.
A transparent transfer above the $0.5550 resistance may ship the worth towards the $0.5650 resistance. Any extra good points may ship the worth towards the $0.5800 resistance and even $0.5880 within the close to time period. The subsequent main hurdle could be $0.6000.
Another Decline?
If XRP fails to clear the $0.550 resistance zone, it might begin one other decline. Initial assist on the draw back is close to the $0.540 degree and the pattern line. The subsequent main assist is close to the $0.5320 degree.
If there’s a draw back break and a detailed beneath the $0.5320 degree, the worth may proceed to say no towards the $0.5210 assist within the close to time period. The subsequent main assist sits close to the $0.5050 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 degree.
Major Support Levels – $0.5400 and $0.5320.
Major Resistance Levels – $0.5500 and $0.5550.
