XRP price recovered again
The XRP price remained stable above the $0.4620 support level and recently started a decent bullish move like Bitcoin and Ethereum. The bulls were able to push the price above $0.470 to push the price into the short-term bullish zone.
There was a breakout above a key narrowing triangle with resistance at $0.4735 on the hourly chart of the XRP/USD pair.
The pair even cleared the 0.4750 resistance area and the 100 Hourly Simple Moving Average. A high was formed at $0.4796 and the price is currently consolidating losses.
The price is testing the 23.6% Fibo retracement level of the upward move from the swing low of $0.4694 to high of $0.4796. It is currently trading above $0.4750 and the 100 Hourly Simple Moving Average.
On the upside, the price is facing resistance near the $0.4790 level. The first major resistance is near the $0.4800 level.
The main barrier is currently near 0.4825 USD. A clear move above the $0.4825 resistance could take the price towards the $0.4880 resistance.
The next major resistance is near the $0.5050 level. A close above the $0.5050 resistance area could push the price higher towards $0.5250. Any further gains could push the price towards the resistance at $0.5320.
Another slump?
If XRP fails to clear the $0.480 resistance area, it could initiate another decline.
Initial support on the downside is near the $0.4745 level and the 50% Fibo retracement level of the upward move from the $0.4694 swing low to $0.4796 high.
The next major support is $0.4730 and the 100 Hourly Simple Moving Average. If there is a downside break and close below $0.4730, the price could continue to decline.
In the said case, the price may even trade below the $0.4640 support in the near term.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Key support levels – 0.4745 and 0.4640 USD.
Key resistance levels – 0.4800 and 0.4825 USD.
