Can XRP Price Maintain Momentum? Key Levels to Watch in the Short Term

XRP
price
is
attempting
a
recovery
wave
from
the
$0.4865
support.
The
price
could
gain
bullish
momentum
if
it
clears
the
$0.5120
resistance.

• XRP
  remained
  stable
  and
  started
  a
  recovery
  wave
  above
  $0.500.
• The
  price
  is
  now
  trading
  above
  $0.5050
  and
  the
  100-hourly
  Simple
  Moving
  Average.
• There
  was
  a
  break
  above
  a
  major
  bearish
  trend
  line
  with
  resistance
  at
  $0.5025
  on
  the
  hourly
  chart
  of
  the
  XRP/USD
  pair
  (data
  source
  from
  Kraken).
• The
  pair
  could
  start
  a
  decent
  increase
  if
  there
  is
  a
  close
  above
  the
  $0.5120
  resistance.

XRP
Price
Reclaims
$0.50

After
a
steady
decline,
XRP
price
found
support
near
the
$0.4865
zone.
A
low
was
formed
at
$0.4864
and
the
price
is
now
attempting
a
recovery
wave,
like

Bitcoin
and

Ethereum.
There
was
a
move
above
the
$0.4950
and
$0.50
resistance
levels.

Besides,
there
was
a
break
above
a
major
bearish
trend
line
with
resistance
at
$0.5025
on
the
hourly
chart
of
the
XRP/USD
pair.
The
pair
even
spiked
above
$0.5100.
A
high
was
formed
at
$0.5120
and
the
price
is
now
consolidating
gains.

There
was
a
test
of
the
23.6%
Fib
retracement
level
of
the
upward
move
from
the
$0.4867
swing
low
to
the
$0.5120
high.
The
price
is
now
trading
above
$0.5050
and
the
100-hourly
Simple
Moving
Average.

Immediate
resistance
is
near
the
$0.5085
level.
The
first
key
resistance
is
near
$0.5120.
A
close
above
the
$0.5120
resistance
zone
could
spark
a
strong
increase.
The
next
key
resistance
is
near
$0.5220.
If
the
bulls
remain
in
action
above
the
$0.5220
resistance
level,
there
could
be
a
rally
toward
the
$0.5350
resistance.
Any
more
gains
might
send
the
price
toward
the
$0.550
resistance.

Another
Decline?

If
XRP
fails
to
clear
the
$0.5120
resistance
zone,
it
could
start
another
decline.
Initial
support
on
the
downside
is
near
the
$0.5050
level
and
the
100-hourly
Simple
Moving
Average.

The
next
major
support
is
at
$0.50
or
the
50%
Fib
retracement
level
of
the
upward
move
from
the
$0.4867
swing
low
to
the
$0.5120
high.
If
there
is
a
downside
break
and
a
close
below
the
$0.50
level,
the
price
might
accelerate
lower.
In
the
stated
case,
the
price
could
retest
the
$0.4865
support
zone.

Technical
Indicators

Hourly
MACD
–
The
MACD
for
XRP/USD
is
now
gaining
pace
in
the
bullish
zone.

Hourly
RSI
(Relative
Strength
Index)
–
The
RSI
for
XRP/USD
is
now
above
the
50
level.

Major
Support
Levels
–
$0.500
and
$0.4865.

Major
Resistance
Levels
–
$0.5120
and
$0.5220.