XRP price gained pace for a move above the $0.5500 support zone. The price rallied toward $0.5780 resistance and then quickly faded most gains.

• XRP price is losing pace above the $0.5500 zone.
• The price is now trading above $0.5320 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $0.5360 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start a fresh increase if it stays above the $0.5250 support zone.

XRP Price Eyes More Upsides

XRP price remained supported above the $0.5150 level. It formed a base and started a fresh increase above $0.5250 like Bitcoin and Ethereum. There was a move above the $0.5350 and $0.5500 resistance levels.

The bulls even pushed the price above the $0.5650 level before the bears appeared. A high is formed at $0.5758 and the price is correcting gains. There was a move below the $0.5650 support. It dipped below the 23.6% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5758 high.

The price is now trading above $0.5320 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.5360 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5758 high.

On the upside, the price might 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 might send the price toward the $0.5880 resistance.

(Click on image to enlarge)

Any more gains might send the price toward the $0.5920 resistance or even $0.6000 in the near term. The next major hurdle might be $0.6200.

More Losses?

If XRP fails to clear the $0.5650 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5450 level. The next major support is near the $0.5360 level and the trend line.

If there is a downside break and a close below the $0.5360 level, the price might continue to decline toward the $0.5250 support in the near term. The next major support sits near the $0.5120 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.5450 and $0.5360.

Major Resistance Levels – $0.5600 and $0.5650.

More By This Author: