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XRP Price Set To Resume Upside: Is Momentum Building?

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XRP price is holding gains above the $0.5450 zone. The price seems to be eyeing more gains above the $0.5550 and $0.5650 levels in the near term.

XRP price is consolidating above the $0.5400 zone.
The price is now trading above $0.5420 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $0.5465 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.550 and $0.5550 resistance levels.

XRP Price Eyes Upside Break

XRP price remained stable above the $0.5320 support zone like Bitcoin and Ethereum. The bulls even tried to push the price above the $0.5550 resistance zone.

A high was formed at $0.5659 before there was a fresh decline. The price tested the $0.5400 zone. A low was formed at $0.5398 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the downward move from the $0.5659 swing high to the $0.5398 low.

The price is now trading above $0.540 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5465 level. There is also a connecting bearish trend line forming with resistance at $0.5465 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $0.5550 level or the 61.8% Fib retracement level of the downward move from the $0.5659 swing high to the $0.5398 low. The next key resistance could be $0.5650.

A clear move above the $0.5650 resistance might send the price toward the $0.5800 resistance. Any more gains might send the price toward the $0.5880 resistance or even $0.5925 in the near term. The next major hurdle might be $0.6000.

Another Drop?

If XRP fails to clear the $0.550 resistance zone, it could start another decline. Initial support on the downside is near the $0.540 level. The next major support is near the $0.5345 level.

If there is a downside break and a close below the $0.5345 level, the price might continue to decline toward the $0.5280 support in the near term. The next major support sits near the $0.5220 zone.

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 below the 50 level.

Major Support Levels – $0.5400 and $0.5345.

Major Resistance Levels – $0.5500 and $0.5550.

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