The XRP price continued to grow and tested the $0.5420 level. Now the price is correcting the growth and testing the support zone of $0.5320.
- XRP price may accelerate and break the $0.5420 resistance zone.
- The price is currently trading above $0.5320 and the 100-hour simple moving average.
- The hourly chart of XRP/USD (data source: Kraken) shows a break below the connecting bullish trend line with support at $0.540.
- The pair may gain bullish momentum if it breaks resistance levels of $0.5420 and $0.5450.
XRP Price Soars
XRP price started a recovery wave above $0.5220, like Bitcoin and Ethereum. The price managed to rise above the resistance levels of $0.5250 and $0.5320.
Finally, the price jumped to $0.5420 before the bears came in. The price formed a top near $0.5426 and is now correcting the gains. There was a move below the $0.540 level. The price dropped below the 23.6% Fib retracement of the upward move from the swing low of $0.5021 to the high of $0.5426.
There was also a break below the connecting bullish trend line with support at $0.540 on the hourly chart of XRP/USD. The price is currently trading above $0.5320 and the 100-hour simple moving average.
On the other hand, the price may face resistance near $0.5400. The first major resistance is near $0.5420. The next key resistance may be $0.5450.
A clear break above the $0.5450 resistance could send the price towards the $0.5550 resistance. The next major resistance is around the $0.5720 level. Any further gains could send the price towards the $0.5950 resistance or even $0.600 resistance in the near term.
Another recession?
If XRP fails to break the $0.540 resistance zone, it could lead to fresh declines. Initial support on the downside is near the $0.5320 level and the 100-hour SMA. The next major support is $0.5225, or the 50% Fib retracement level of the uptrend from the $0.5021 swing low to $0.5426 high.
If there is a break down and a close below $0.5225, the price could continue to decline towards the $0.5110 support in the near term. The next major support is at $0.5020.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
The main support levels are $0.5320 and $0.5225.
The main resistance levels are $0.5400 and $0.5420.
