XRP Price Targets $0.550 Breakout For A Potential Rally
XRP price started a recovery wave above the $0.5320 level. The price could gain pace if it clears the $0.5480 and $0.550 resistance levels.
- XRP price is aiming for a move above the $0.550 resistance zone.
- The price is now trading above $0.5320 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $0.5325 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.5480 and $0.550 resistance levels.
XRP Price Starts Recovery
XRP price formed a base near $0.5020 to start a recovery wave like Bitcoin and Ethereum . The price started a decent increase above the $0.5220 and $0.5250 resistance levels.
The bulls were able to push the price above the 50% Fib retracement level of the downward wave from the $0.5625 swing high to the $0.5020 swing low. The price even spiked above the $0.540 level before it faced resistance.
The price is now trading above $0.5320 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $0.5325 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $0.5420 level. The first major resistance is near the $0.5480 level or the 76.4% Fib retracement level of the downward wave from the $0.5625 swing high to the $0.5020 swing low. The next key resistance could be $0.5550.
A clear move above the $0.5550 resistance might send the price toward the $0.5680 resistance. The next major resistance is near the $0.5720 level. Any more gains might send the price toward the $0.5880 resistance or even $0.600 in the near term.
Another Decline?
If XRP fails to clear the $0.5420 resistance zone, it could start another decline. Initial support on the downside is near the $0.5320 level and the trend line. The next major support is $0.5220.
If there is a downside break and a close below the $0.5220 level, the price might continue to decline toward the $0.5080 support in the near term. The next major support sits at $0.5020.
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 above the 50 level.
Major Support Levels – $0.5320 and $0.5220.
Major Resistance Levels – $0.5420 and $0.5500.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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