Is Another Rally on the Horizon?

XRP
price
gained
bullish
momentum
above
the
$0.50
resistance
zone.
The
price
is
consolidating
gains
and
might
aim
for
another
move
above
the
$0.5450
resistance
zone.

• XRP
  price
  gained
  over
  20%
  in
  a
  few
  days
  and
  broke
  the
  $0.500
  zone.
• The
  price
  is
  now
  trading
  above
  $0.5050
  and
  the
  100-hourly
  Simple
  Moving
  Average.
• There
  is
  a
  short-term
  contracting
  triangle
  forming
  with
  support
  at
  $0.520
  on
  the
  hourly
  chart
  of
  the
  XRP/USD
  pair
  (data
  source
  from
  Kraken).
• The
  pair
  could
  extend
  gains
  if
  there
  is
  a
  close
  above
  the
  $0.540
  resistance
  level.

XRP
Price
Regains
Strength

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,
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.

Are
Dips
Supported?

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.

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
–
$0.5200
and
$0.5150.

Major
Resistance
Levels
–
$0.5320
and
$0.5450.