XRP price rallied above the $0.5550 and $0.560 levels. It is now consolidating gains above $0.550 and might aim for more gains in the near term.

  • XRP price gained pace for a move above the $0.550 resistance zone.

  • The price is now trading above $0.550 and the 100-hourly Simple Moving Average.

  • There is a new connecting bullish trend line forming with support at $0.550 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • The pair could regain traction if it stays above the $0.550 pivot level.

XRP Price Gains Momentum

XRP price remained well-supported above the $0.5320 level like Bitcoin and Ethereum. The price started a fresh increase and was able to clear the key hurdle at $0.5420.

There was a surge above the $0.5550 and $0.5650 levels. The price even tested the $0.5870 zone. A high was formed at $0.5869 and the price started a sharp pullback. There was a move below the $0.5720 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.5234 swing low to the $0.5869 high.

The price is now trading above $0.550 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $0.550 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 $0.5234 swing low to the $0.5869 high.

On the upside, the price might face resistance near the $0.5660 level. The first major resistance is near the $0.5720 level. The next key resistance could be $0.5850. A clear move above the $0.5850 resistance might send the price toward the $0.5920 resistance.

The next major resistance is near the $0.600 level. Any more gains might send the price toward the $0.6050 resistance or even $0.6120 in the near term.

More Downsides?

If XRP fails to clear the $0.5660 resistance zone, it could start another decline. Initial support on the downside is near the $0.5550 level. The next major support is $0.5500.

If there is a downside break and a close below the $0.5500 level, the price might continue to decline toward the $0.5380 support in the near term. The next major support sits at $0.5250.

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 – $0.5550 and $0.5500.

Major Resistance Levels – $0.5660 and $0.5720.

Source: NewsBTC.com

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