Market
Is a Major Move on the Horizon?
XRP price is slowly moving higher above the $0.5120 zone. It could start a major increase if there is a close above the $0.5320 resistance zone.
- XRP is attempting a fresh increase above the $0.5220 zone.
- The price is now trading above $0.520 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $0.5240 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a decent increase if there is a clear move above $0.5300.
XRP Price Holds Support
XRP price remained well-supported above the $0.500 zone and started a fresh increase like Bitcoin and Ethereum. The price was able to clear the $0.5120 and $0.5150 levels.
There was a clear move above the $0.5250 resistance and the price tested the $0.530 zone. A high was formed at $0.5300 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.5080 swing low to the $0.5300 high.
The price is now trading above $0.5250 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $0.5240 on the hourly chart of the XRP/USD pair.
On the upside, the price is facing resistance near the $0.5280 level. The first key resistance is near $0.5300. The next major resistance is near the $0.5320 level. A close above the $0.5320 resistance zone could send the price higher. The next key resistance is near $0.5450.
If there is a close above the $0.5450 resistance level, there could be a steady increase toward the $0.5560 resistance. Any more gains might send the price toward the $0.5650 resistance.
Another Decline?
If XRP fails to clear the $0.530 resistance zone, it could start another decline. Initial support on the downside is near the $0.5240 level and the trend line.
The next major support is at $0.5190 or the 50% Fib retracement level of the upward move from the $0.5080 swing low to the $0.5300 high. If there is a downside break and a close below the $0.5190 level, the price might accelerate lower. In the stated case, the price could decline and retest the $0.5120 support in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5240 and $0.5190.
Major Resistance Levels – $0.5300 and $0.5320.