XRP Price Regains Bullish Momentum, Aims to Break the $0.5450 Resistance Zone

XRP price remained in a positive zone above the $0.440 level and extended its recovery wave. It gained over 20% in a few days.

XRP price showed a solid recovery from the $0.440 support against the US Dollar. XRP price remained in a positive zone above the $0.440 level and continued its recovery wave. It gained more than 20% in a few days, outperforming Ethereum and Bitcoin. The price was able to climb above the $0.5050 and $0.5200 resistance levels.

The price even cleared the $0.5450 level and spiked above $0.550. A high was formed at $0.5659 and the price corrected gains. There was a minor decline below the $0.5450 level. The price tested the $0.5150 support zone. A low was formed at $0.5140 and the price is now consolidating.

There was a move above the 23.6% Fib retracement level of the downward move from the $0.5659 swing high to the $0.5140 low. The price is now trading above $0.520 and the 100-hourly Simple Moving Average. Besides, there is a short-term contracting triangle forming with support at $0.520 on the hourly chart of the XRP/USD pair.

On the upside, the price is facing resistance near the $0.5290 level. The first major resistance is near the $0.5320 level. The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5650 resistance. The next major resistance is near the $0.5880 level. Any more gains might send the price toward the $0.600 resistance.

If XRP fails to clear the $0.5450 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.520 level.

The next major support is at $0.5150. If there is a downside break and a close below the $0.5150 level, the price might continue to decline toward the $0.490 support in the near term.

The MACD for XRP/USD is now losing pace in the bullish zone.

The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5200 and $0.5150.

Major Resistance Levels – $0.5320 and $0.5450.🎜

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