XRP price has started a recovery wave above the $0.5320 level. The price may accelerate if it breaks the resistance levels of $0.5480 and $0.550.
- XRP price is trying to rise above the $0.550 resistance zone.
- The price is currently trading above $0.5320 and the 100-hour simple moving average.
- There is a bullish trend line forming with support at $0.5325 on the hourly chart of XRP/USD (data source: Kraken).
- The pair may gain bullish momentum if it breaks resistance levels of $0.5480 and $0.550.
XRP Price Begins to Recover
XRP price formed a base around $0.5020 to start a recovery wave like Bitcoin and Ethereum. The price started a decent rise above the resistance levels of $0.5220 and $0.5250.
The bulls were able to push the price above the 50% Fibonacci retracement level of the downward wave from the $0.5625 swing high to the $0.5020 swing low. The price even jumped above the $0.540 level before encountering resistance.
The price is currently trading above $0.5320 and the 100-hour simple moving average. There is also a connecting bullish trend line forming with support at $0.5325 on the hourly chart of XRP/USD.
On the downside, the price may encounter resistance near $0.5420. The first major resistance is near $0.5480 or the 76.4% Fibonacci retracement level of the downward wave from the $0.5625 swing high to the $0.5020 swing low. The next key resistance may be at $0.5550.
A clear break above the $0.5550 resistance could send the price towards the $0.5680 resistance. The next major resistance is around the $0.5720 level. Any further gains could send the price towards the $0.5880 resistance or even $0.600 in the near term.
Another recession?
If XRP fails to break the $0.5420 resistance zone, it could lead to a fresh decline. Initial support on the downside is near the $0.5320 level and the trend line. The next important support is $0.5220.
If there is a break down and a close below $0.5220, the price could continue to decline towards the $0.5080 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 above the 50 level.
The main support levels are $0.5320 and $0.5220.
The main resistance levels are $0.5420 and $0.5500.
