XRP Price Rises Within Range: Poised for a Breakout?

XRP
price
avoided
a
major
downside
break
as
ETH’s
surges.
The
price
is
back
above
$0.5220
and
eyeing
a
key
upside
break
in
the
near
term.

• XRP
  started
  a
  decent
  increase
  above
  the
  $0.5150
  resistance
  zone.
• The
  price
  is
  now
  trading
  above
  $0.5250
  and
  the
  100-hourly
  Simple
  Moving
  Average.
• There
  was
  a
  break
  above
  a
  key
  bearish
  trend
  line
  with
  resistance
  at
  $0.520
  on
  the
  hourly
  chart
  of
  the
  XRP/USD
  pair
  (data
  source
  from
  Kraken).
• The
  pair
  could
  correct
  gains,
  but
  the
  bulls
  might
  remain
  active
  near
  the
  $0.5180
  zone.

XRP
Price
Recovers

After
a
drop
toward
the
$0.5065
support,
XRP
price
started
a
recovery
wave.
Recently,

Ethereum
rallied
over
20%
and

Bitcoin
climbed
above
$70,000.
It
sparked
decent
bullish
moves
in
XRP.

The
price
climbed
above
the
$0.5150
and
$0.520
resistance
level.
There
was
a
break
above
a
key
bearish
trend
line
with
resistance
at
$0.520
on
the
hourly
chart
of
the
XRP/USD
pair.
The
pair
even
broke
the
$0.5320
resistance
and
traded
as
high
as
$0.5386.

The
price
is
now
correcting
gains
and
might
test
the
23.6%
Fib
retracement
level
of
the
upward
wave
from
the
$0.5064
swing
low
to
the
$0.5386
high.

It
is
now
trading
above
$0.5250
and
the
100-hourly
Simple
Moving
Average.
Immediate
resistance
is
near
the
$0.5380
level.
The
first
key
resistance
is
near
$0.5420.
A
close
above
the
$0.5420
resistance
zone
could
send
the
price
higher.
The
next
key
resistance
is
near
$0.5550.

If
the
bulls
push
the
price
above
the
$0.5550
resistance
level,
there
could
be
a
fresh
move
toward
the
$0.5650
resistance.
Any
more
gains
might
send
the
price
toward
the
$0.5720
resistance.

Another
Decline?

If
XRP
fails
to
clear
the
$0.5380
resistance
zone,
it
could
start
a
downside
correction.
Initial
support
on
the
downside
is
near
the
$0.5310
level.
The
next
major
support
is
at
$0.5250.

The
main
support
is
now
near
$0.5220
or
the
50%
Fib
retracement
level
of
the
upward
wave
from
the
$0.5064
swing
low
to
the
$0.5386
high.
If
there
is
a
downside
break
and
a
close
below
the
$0.5220
level,
the
price
might
accelerate
lower.
In
the
stated
case,
the
price
could
drop
and
test
the
$0.5065
support
in
the
near
term.

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
above
the
50
level.

Major
Support
Levels
–
$0.5310
and
$0.5220.

Major
Resistance
Levels
–
$0.5380
and
$0.5420.