XRP price has gained bullish momentum above the $0.50 resistance zone. The price is consolidating the gains and may be aiming for another move above the $0.5450 resistance zone.
- The price of XRP has risen more than 20% in a few days and has surpassed the $0.500 level.
- The price is currently trading above $0.5050 and the 100-hour simple moving average.
- There is a short-term contracting triangle forming with support at $0.520 on the hourly chart of the XRP/USD pair (data source: Kraken).
- The pair may continue to rise if it closes above the $0.540 resistance level.
XRP Price Recovers
The XRP price remained in the positive zone above the $0.440 level and continued its recovery wave. In a few days, it has grown by more than 20%, surpassing Ethereum and Bitcoin. The price was able to rise above the resistance levels of $0.5050 and $0.5200.
The price even broke through the $0.5450 level and rose above $0.550. The maximum was formed at $0.5659, and the price corrected the growth. There was a slight decline below $0.5450. The price tested the support zone of $0.5150. The minimum was formed at $0.5140, and now the price is consolidating.
There was a move above the 23.6% Fib retracement level of the downward move from the $0.5659 swing high to $0.5140 low. The price is currently trading above $0.520 and the 100-hour simple moving average. Additionally, there is a short-term contracting triangle forming with support at $0.520 on the hourly chart of the XRP/USD pair.
On the downside, the price is facing resistance near $0.5290. The first major resistance is near $0.5320. The next key resistance could be $0.5450. A clear move above the $0.5450 resistance could send the price towards the $0.5650 resistance. The next major resistance is near $0.5880. Any further gains could send the price towards the $0.600 resistance.
Are failures supported?
If XRP fails to break the $0.5450 resistance zone, it could be the start of a downward correction. Initial support on the downside is near the $0.520 level.
The next major support is at $0.5150. If there is a break down and a close below $0.5150, the price could continue to decline towards the $0.490 support in the near term.
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 above the 50 level.
The main support levels are $0.5200 and $0.5150.
The main resistance levels are $0.5320 and $0.5450.
