XRP price accelerated above the $0.5500 support zone. The price rose to the resistance level at $0.5780 and then quickly lost most of its gains.
- XRP price is losing momentum above the $0.5500 zone.
- The price is currently trading above $0.5320 and the 100-hour simple moving average.
- On the hourly chart of the XRP/USD pair, a key bullish trend line is forming with support at $0.5360 (data source from Kraken).
- The pair could start a new rise if it remains above the $0.5250 support zone.
XRP price sees more room to rise
The XRP price remained above the $0.5150 level. It formed a base and started a new rally above $0.5250, like Bitcoin and Ethereum. There was a movement above the resistance levels of $0.5350 and $0.5500.
The bulls even pushed the price above the $0.5650 level before the bears emerged. The maximum is formed at $0.5758, and the price corrects the increase. There was a move below the support at $0.5650. It fell below the 23.6% Fibonacci retracement level of the upside move from the $0.4948 swing low to $0.5758 high.
The price is currently trading above $0.5320 and the 100-hour simple moving average. The hourly chart of the XRP/USD pair is also forming a key bullish trend line with support at $0.5360. The trendline is close to the 50% Fibonacci retracement level of the upward move from the $0.4948 swing low to $0.5758 swing high.
On the other hand, the price may face resistance near the $0.5600 level. The first major resistance is near the $0.5650 level. The next key resistance could be $0.5780. A clear move above the $0.5780 resistance could send the price towards the $0.5880 resistance.
Any further rise could take the price towards the resistance at $0.5920 or even $0.6000 in the near future. The next major obstacle could be $0.6200.
More losses?
If XRP fails to break through the $0.5650 resistance zone, it may continue moving lower. Initial downside support lies near the $0.5450 level. The next major support is near the $0.5360 level and trend line.
If there is a downside breakout and close below the $0.5360 level, the price could continue to decline towards the $0.5250 support in the near term. The next major support is near the $0.5120 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now 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 $0.5450 and $0.5360.
The main resistance levels are $0.5600 and $0.5650.
