XRP Price Shows Signs of Range-Based Recovery: Can it trigger a rally?

XRP price is trying a recent rally above the $0.5050 resistance. The price may gain bullish momentum if it breaks the resistance at $0.520.

XRP expects a steady move above the $0.520 level.
The price is currently above $0.5120 and the 100-hour uncomplicated moving average.
On the hourly chart, the XRP/USD pair broke out above the short-term descending channel with resistance at $0.5025 (data source Kraken).
The pair could start another rally if there is a close above the resistance at $0.520.

XRP price break

Yesterday we saw the price of XRP start a wave of recovery, just like Bitcoin and Ethereum. The price was able to settle above the $0.4950 and $0.50 resistance levels.

On the hourly chart, the XRP/USD pair broke out above the short-term descending channel with resistance at $0.5025. The pair even broke through the $0.5150 resistance level and settled above the 100-hour uncomplicated moving average.

The stock traded at $0.5195 and is currently consolidating gains above the 23.6% Fib retracement level resulting from an upward move from a low of $0.4980 to a high of $0.5195. The price is also holding above $0.5120 and the 100-hour uncomplicated moving average.

Immediate resistance is near the $0.5185 level. The first key resistance is located near USD 0.5200. A close above the resistance zone at $0.5200 could result in a price rally. The next key resistance is around USD 0.5220. If bulls maintain action above the $0.5220 resistance level, there could be a rally towards the $0.5350 resistance. Any further increases could push the price towards the resistance at $0.550.

Another decline?

If XRP fails to break the resistance zone at $0.520, another decline could begin. Initial downside support is near the $0.5145 level. The next major support is located at $0.5120.

If there is a breakout to the downside and a close below the $0.5120 level, the price could accelerate lower. In this case, the price may even fall below the support zone at $0.5050 or the 61.8% Fib retracement level due to an upward move from the low of $0.4980 to the high of $0.5195.

Technical indicators

Hourly MACD – The MACD for XRP/USD is currently losing 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 0.5120 and USD 0.5050.

Major resistance levels – USD 0.5200 and USD 0.5220.