XRP price is recovering higher above the $0.500 resistance. The price is signaling a positive bias and might rally above the $0.580 and $0.600 levels.
- XRP is attempting a recovery wave above the $0.50 zone.
- The price is now trading above $0.5150 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance at $0.5220 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if there is a close above the $0.580 resistance.
XRP Price Aims Higher
After a sharp decline, XRP price found support near the $0.3880 zone. It formed a base and started a fresh increase above the $0.450 resistance, like Bitcoin and Ethereum. The bulls were able to push the price above the $0.50 resistance.
The price climbed above the 50% Fib retracement level of the downward move from the $0.6420 swing high to the $0.3875 low. Besides, there was a break above a key bearish trend line with resistance at $0.5220 on the 4-hour chart of the XRP/USD pair.
The price is now trading above $0.5150 and the 100 simple moving average (4 hours). Immediate resistance is near the $0.5650 level. The next key resistance is near $0.5820 or the 76.4% Fib retracement level of the downward move from the $0.6420 swing high to the $0.3875 low.
Source: XRPUSD on TradingView.com
A close above the $0.5820 resistance zone could spark a strong increase. The next key resistance is near $0.620. If the bulls remain in action above the $0.620 resistance level, there could be a rally toward the $0.680 resistance. Any more gains might send the price toward the $0.700 resistance.
Another Drop?
If XRP fails to clear the $0.5820 resistance zone, it could start another decline. Initial support on the downside is near the $0.540 level.
The next major support is at $0.5150. If there is a downside break and a close below the $0.5150 level, the price might accelerate lower. In the stated case, the price could retest the $0.4650 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.540, $0.5150, and $0.4650.
Major Resistance Levels – $0.5650, $0.5820, and $0.6200.
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Source: NewsBTC.com
