XRP price close to breakout: can it finally rise?

XRP price is moving higher above the $0.5400 zone. To set a pace for greater growth, the price must settle above the resistance at $0.5550.

XRP price is trying a recent surge above the $0.540 zone.
The price is currently above $0.5410 and the 100-hour straightforward moving average.
A key bullish trendline is forming on the hourly chart of the XRP/USD pair with support at $0.5395 (data source from Kraken).
The pair could gain bullish momentum if it breaks through the $0.550 and $0.5550 resistance levels.

XRP price encounters resistance again

XRP price has started a downward correction from the resistance zone at $0.5550. There has been a move below the $0.5420 support. However, bulls were vigorous at $0.5320. The lowest level was formed at USD 0.5317, and the price is currently rising in line with Bitcoin and Ethereum.

The price rose above the resistance levels of $0.5380 and $0.540. There has been a move above the 50% Fib retracement level as part of a move down from a high of $0.5550 to a low of $0.5317.

The price is currently above $0.540 and the 100-hour straightforward moving average. A key uptrend line is also forming on the hourly chart of the XRP/USD pair with support at $0.5395.

On the other hand, the price may face resistance near the $0.5460 level or the 61.8% Fib retracement level for a downward move from the high of $0.5550 to the low of $0.5317. The first major resistance is near the $0.5500 level. The next key resistance could be the USD 0.5550 level.

A clear move above the $0.5550 resistance could push the price towards the $0.5650 resistance. Any further upside could push the price towards the resistance at $0.5800 or even $0.5880 in the near future. The next major hurdle could be the $0.6000 price tag.

Another decline?

If XRP fails to break the resistance zone at $0.550, another decline could begin. Initial downside support is located near the $0.540 level and the trend line. The next crucial support is near the USD 0.5320 level.

If there is a downside breakout and a close below the $0.5320 level, the price may continue to fall towards the $0.5210 support in the near future. The next major support is located near the $0.5050 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 0.5400 and USD 0.5320.

Major resistance levels – USD 0.5500 and USD 0.5550.