XRPpriceismovinghigherabovethe$0.5350support.Thepricetestedthe$0.5550resistanceandseemstobestrugglingtocontinuehigher.
XRPpriceisattemptingafreshincreaseabovethe$0.540zone.
Thepriceisnowtradingabove$0.5420andthe100-hourlySimpleMovingAverage.
Thereisakeybullishtrendlineformingwithsupportat$0.5400onthehourlychartoftheXRP/USDpair(datasourcefromKraken).
Thepaircouldtrimmostgainsifitfailstostayabovethe$0.540supportzone.
XRPPriceRevisitsResistance
XRPpriceremainedstableabovethe$0.5320support.Abasewasformedandthepricestartedafreshincreaseabove$0.5400likeBitcoinandEthereum.
Thepriceclimbedabovethe$0.5450and$0.550resistancelevels.However,thebearsareactivenearthekeyrangeresistanceat$0.5550.Ahighisformedat$0.5550andthepriceisnowcorrectinggains.Therewasamovebelowthe$0.550level.
Thepricedippedbelowthe23.6%Fibretracementleveloftheupwardmovefromthe$0.5252swinglowtothe$0.5550high.Thepriceisnowtradingabove$0.540andthe100-hourlySimpleMovingAverage.Thereisalsoakeybullishtrendlineformingwithsupportat$0.5400onthehourlychartoftheXRP/USDpair.
Ontheupside,thepricemightfaceresistancenearthe$0.5540level.Thefirstmajorresistanceisnearthe$0.5550level.Thenextkeyresistancecouldbe$0.5650.Aclearmoveabovethe$0.5650resistancemightsendthepricetowardthe$0.5800resistance.Anymoregainsmightsendthepricetowardthe$0.5880resistanceoreven$0.600inthenearterm.Thenextmajorhurdlemightbe$0.6120,wherethebearsmightemerge.
AnotherDecline?
IfXRPfailstoclearthe$0.5550resistancezone,itcouldstartanotherdecline.Initialsupportonthedownsideisnearthe$0.5440levelandthetrendline.Thenextmajorsupportisnearthe$0.5400levelorthe50%Fibretracementleveloftheupwardmovefromthe$0.5252swinglowtothe$0.5550high.
Ifthereisadownsidebreakandaclosebelowthe$0.5400level,thepricemightcontinuetodeclinetowardthe$0.5320supportinthenearterm.Thenextmajorsupportsitsnearthe$0.5220zone.
TechnicalIndicators
HourlyMACD–TheMACDforXRP/USDisnowlosingpaceinthebullishzone.
HourlyRSI(RelativeStrengthIndex)–TheRSIforXRP/USDisnowabovethe50level.
MajorSupportLevels–$0.5440and$0.5400.
MajorResistanceLevels–$0.5540and$0.5550.
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