XRP price is trying to break above the $0.5050 resistance. If the price breaks the $0.520 resistance, it may gain bullish momentum.
- XRP is expected to steadily move above the $0.520 level.
- The price is currently above $0.5120 and the 100 hourly simple moving average.
- There was a break above a short-term descending channel with resistance at $0.5025 on the hourly chart of the XRP/USD pair (Source: Kraken).
- If there is a close above the $0.520 resistance, the pair may start to rise again.
XRP Price Faces Breakout
Yesterday, we saw how the XRP price started a recovery wave just like Bitcoin and Ethereum. The price was able to stabilize above the $0.4950 and $0.50 resistance levels.
There was a breakout of a short-term descending channel with resistance at $0.5025 on the hourly chart of the XRP/USD pair. The pair even broke the $0.5150 resistance and settled above the 100 hourly simple moving average.
It traded as high as $0.5195 and is currently consolidating gains above the 23.6% Fib retracement of the upward move from the $0.4980 swing low to $0.5195 high. The price is also above $0.5120 and the 100 hourly simple moving average.
Immediate resistance is near $0.5185. The first key resistance level is near $0.5200. A close above the $0.5200 resistance zone is likely to push the price higher. The next key resistance is near $0.5220. If the bulls continue to move above the $0.5220 resistance, a rally towards the $0.5350 resistance is likely. Any more gains may push the price towards the $0.550 resistance.
Another recession?
If XRP fails to break above the $0.520 resistance zone, it may start another decline. Initial support on the downside is near $0.5145. The next major support level is $0.5120.
If there is a downside breakout and a close below $0.5120, the price could accelerate its decline. In the above scenario, the price could even fall below the $0.5050 support zone or the 61.8% Fib retracement level of the upward move from the $0.4980 swing low to $0.5195 high.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major support levels – $0.5120 and $0.5050.
The main resistance levels – $0.5200 and $0.5220.
