XRPpriceismovinghigherabovethe$0.5400zone.Thepricemustsettleabovethe$0.5550resistancetosetthepaceforalargerincrease.
XRPpriceisattemptingafreshincreaseabovethe$0.540zone.
Thepriceisnowtradingabove$0.5410andthe100-hourlySimpleMovingAverage.
Thereisakeybullishtrendlineformingwithsupportat$0.5395onthehourlychartoftheXRP/USDpair(datasourcefromKraken).
Thepaircouldgainbullishmomentumifitclearsthe$0.550and$0.5550resistancelevels.
XRPPriceRevisitsResistance
XRPpricestartedadownsidecorrectionfromthe$0.5550resistancezone.Therewasamovebelowthe$0.5420support.However,thebullswereactiveat$0.5320.Alowwasformedat$0.5317andthepriceisnowrisinglikeBitcoinandEthereum.
Thepriceclimbedabovethe$0.5380and$0.540resistancelevels.Therewasamoveabovethe50%Fibretracementlevelofthedownwardmovefromthe$0.5550swinghightothe$0.5317low.
Thepriceisnowtradingabove$0.540andthe100-hourlySimpleMovingAverage.Thereisalsoakeybullishtrendlineformingwithsupportat$0.5395onthehourlychartoftheXRP/USDpair.
Ontheupside,thepricemightfaceresistancenearthe$0.5460levelorthe61.8%Fibretracementlevelofthedownwardmovefromthe$0.5550swinghightothe$0.5317low.Thefirstmajorresistanceisnearthe$0.5500level.Thenextkeyresistancecouldbe$0.5550.
Aclearmoveabovethe$0.5550resistancemightsendthepricetowardthe$0.5650resistance.Anymoregainsmightsendthepricetowardthe$0.5800resistanceoreven$0.5880inthenearterm.Thenextmajorhurdlemightbe$0.6000.
AnotherDecline?
IfXRPfailstoclearthe$0.550resistancezone,itcouldstartanotherdecline.Initialsupportonthedownsideisnearthe$0.540levelandthetrendline.Thenextmajorsupportisnearthe$0.5320level.
Ifthereisadownsidebreakandaclosebelowthe$0.5320level,thepricemightcontinuetodeclinetowardthe$0.5210supportinthenearterm.Thenextmajorsupportsitsnearthe$0.5050zone.
TechnicalIndicators
HourlyMACD–TheMACDforXRP/USDisnowgainingpaceinthebullishzone.
HourlyRSI(RelativeStrengthIndex)–TheRSIforXRP/USDisnowabovethe50level.
MajorSupportLevels–$0.5400and$0.5320.
MajorResistanceLevels–$0.5500and$0.5550.
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