XRP Price Momentum Gaining Pace Again as Bitcoin Hits Recent ATH: Is a Solemn Upside in Sight?

XRP price is accelerating above the $0.5050 support zone. The price is rising and may even aim to move above the resistance at $0.5500.

XRP price is seeing a decent rally above the $0.5250 zone.
The price is currently above $0.5220 and the 100-hour plain moving average.
There has been a break above the converging bearish trend line with resistance at $0.5100 on the XRP/USD hourly chart (Kraken Data Source).
The pair could gain bullish momentum if it settles above the resistance zone at $0.5350.

XRP price increases by 4%

The XRP price remained above the USD 0.4880 level. It formed a base and started a fresh rally above $0.5050, just like Bitcoin and Ethereum.

There has been a move above the $0.5120 and $0.5200 resistance levels. On the hourly chart, the XRP/USD pair broke out above the converging bearish trend line with resistance at $0.5100. Finally, it tested the $0.5365 zone. A high is forming at $0.5368 and the price is currently consolidating gains above the 23.6% Fib retracement level in an upward move from a low of $0.4948 to a high of $0.5368.

The price is currently above $0.5200 and the 100-hour plain moving average. On the other hand, the price may face resistance near the USD 0.5350 level. The first major resistance is near the $0.5365 level.

The next key resistance could be the USD 0.5450 level. A clear move above the resistance at $0.5450 could push the price towards the resistance at $0.5500. Further increases could push the price towards the resistance level at USD 0.5665 or even USD 0.5720 in the near future. The next major hurdle could be the price of $0.5840.

Another decline?

If XRP fails to break the resistance zone at $0.5350, another decline could begin. Initial downside support is near the $0.5250 level. The next major support is located near the $0.5155 level or the 50% Fib retracement level in an upward move from a low of $0.4948 to a high of $0.5368.

If there is a downside breakout and a close below the $0.5155 level, the price may continue to fall towards the $0.5050 support in the near future. The next major support is located near the $0.500 zone.

Technical indicators

Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.

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

Major support levels – USD 0.5250 and USD 0.5155.

Major resistance levels – USD 0.5350 and USD 0.5500.