$XRP Price Regains Strength - NewsBTC Analytics

XRP price formed a base above the $0.525 level and started a fresh increase. The price broke the $0.5450 resistance to move again into a positive zone like Ethereum and Bitcoin.

There was also a move above the $0.5650 resistance level. A high was formed at $0.5925 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $0.5330 swing low to the $0.5925 high.

The price is now trading above $0.5550 and the 100-hourly Simple Moving Average. Besides, there is a connecting bullish trend line forming with support at $0.5620 on the hourly chart of the XRP/USD pair.

On the upside, the price is facing resistance near the $0.5950 level. The first major resistance is near the $0.600 level. The next key resistance could be $0.620. A clear move above the $0.620 resistance might send the price toward the $0.6380 resistance. The next major resistance is near the $0.650 level. Any more gains might send the price toward the $0.6880 resistance.

If XRP fails to clear the $0.600 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.5620 level, the trend line, and the 50% Fib retracement level of the upward move from the $0.5330 swing low to the $0.5925 high.

The next major support is at $0.550. If there is a downside break and a close below the $0.550 level, the price might continue to decline toward the $0.5350 support in the near term.