The XRP price is gathering positive momentum over the $0.520 barrier zone. The price is expected to rise further above $0.550 and $0.5650.
Key Points:
- The price of XRP rose once more over the barrier level of $0.5250.
- The 100-hourly simple moving average and $0.540 are currently being traded above the price.
- The hourly chart of the XRP/USD pair shows the formation of a significant bullish trend line, with support at $0.5220 (data source: Kraken).
- If the pair closes over the $0.5620 resistance mark, it may extend its gains.
Price of XRP keeps Strength
The XRP price established a base above the $0.500 mark and started an upward trend. Like Ethereum and Bitcoin, the cost came back into the positive zone after breaking the $0.5250 resistance.
There was also a break above the $0.550 barrier level. A high was achieved at $0.5610, and the price is now merging gains above the 23.6% Fib retracement level of the rise from the $0.5227 swing low to the $0.5610 high.
There is also a critical bullish trend line building on the hourly chart of the XRP/USD pair, with support at $0.5220. There is also a crucial bullish trend line forming on the hourly chart of the XRP/USD pair, with support at $0.5220.
Source: XRPUSD on TradingView.com
The upside resistance is located close to the $0.5610 mark. The first significant resistance comes near the $0.5620 mark. $0.5650 could be the next significant resistance. If there is a clear move over the $0.5650 resistance, the cost seems reach the $0.5740 level. The next significant resistance is around $0.580. A further rise could push the price towards the $0.600 resistance level.
Are dips limited?
If XRP cannot break over the $0.5620 resistance level, it could begin a downward downturn. On the downside, initial support is near $0.5420, as is the 50% Fib retracement level of the upward rise from the $0.5227 swing low to the $0.5610 high.
The trend line and $0.5280 serve as the next significant support points. If there is a downside break and it closes below the $0.5280 mark, the price could decline further to the $0.5050 support in the near term.
Technical Indicators
Hourly MACD: The XRP/USD MACD is currently moving faster in the positive zone.
Hourly Relative Strength Index (RSI): The RSI for the USD/XRP pair is currently above the 50 mark.
Significant Support Levels: $0.5280 and $0.5420.
Strong Resistance Points: $0.5620 and $0.5650.
