XRP Price Aims for Gains Above $0.5350 Resistance Level
XRP price is attempting to increase above the $0.5150 zone, with potential bullish momentum if it settles above the $0.5500 resistance.
- XRP is targeting gains above $0.5350.
- Current trading is above $0.5220 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $0.5180 on the hourly chart of the XRP/USD pair (data from Kraken).
- A settlement above the $0.5500 resistance could lead to further upward movement.
XRP Price Eyes Upside Break
XRP price has started an upward move above the $0.500 zone, surpassing the $0.5150 resistance but lagging behind Bitcoin and Ethereum. The price has moved above the $0.5250 resistance, reaching a high of $0.5307 before consolidating gains.
The price experienced a minor decline below $0.5250, testing the 50% Fib retracement level of the upward move from the $0.5112 low to the $0.5307 high.
Currently, XRP trades above $0.5220 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line at $0.5180, which aligns with the 61.8% Fib retracement level of the recent upward move.
On the upside, resistance may be encountered near $0.5280, with major resistance levels at $0.5320 and $0.5350. A clear break above $0.5350 could push the price toward $0.5500, with potential further gains toward $0.5650 or $0.5850. The next significant hurdle could be $0.6000.
Another Setback?
If XRP does not surpass the $0.5300 resistance zone, it might experience a decline. Initial support is around $0.5210, followed by major support at $0.5180.
A downside break below $0.5180 could lead to a further decline toward the $0.5050 support, with additional support near the $0.5000 zone.
Technical Indicators:
Hourly MACD – The MACD for XRP/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for XRP/USD remains above the 50 level.
Major Support Levels – $0.5210 and $0.5180.
Major Resistance Levels – $0.5350 and $0.5550.