XRP Price Gains Momentum Above $0.5350 Support Level
XRP price is increasing above the $0.5350 support zone and may target a move above the $0.5650 resistance.
- XRP price is gaining momentum above the $0.5350 zone.
- The price is trading above $0.5400 and the 100-hourly Simple Moving Average.
- A key bullish trend line is forming with support at $0.5450 on the hourly chart of the XRP/USD pair (data from Kraken).
- The pair could gain bullish momentum if it settles above the $0.5550 resistance zone.
XRP Price Gains Strength
XRP price is supported above the $0.5050 level, forming a base for an increase above $0.5150, similar to Bitcoin and Ethereum. The price moved above the $0.5320 and $0.5350 resistance levels.
Bulls pushed the price above $0.5500, reaching a high of $0.5580. The price remains stable above the 23.6% Fib retracement level of the upward move from the $0.5267 swing low to the $0.5580 high.
The price is currently above $0.5400 and the 100-hourly Simple Moving Average, with a bullish trend line forming at $0.5450.
On the upside, resistance is near $0.5580, with the first major resistance at $0.5650 and potential further resistance at $0.5720. A clear move above $0.5720 may push the price toward $0.5800.
Further gains could bring the price to $0.5880 or $0.5920 in the near term, with a significant hurdle at $0.6000.
Are Dips Supported?
If XRP does not surpass the $0.5580 resistance, it may enter a downside correction. Initial support is near $0.5500, followed by major support at $0.5450 and the trend line.
A break below $0.5450 could lead to a decline toward the $0.5350 support, with the next major support around $0.5220.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Major Support Levels – $0.5450 and $0.5350.
Major Resistance Levels – $0.5580 and $0.5650.