XRP Price Targets $0.550 Breakout For A Potential Rally

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XRP price started a recovery wave above the $0.5320 level. The price could gain pace if it clears the $0.5480 and $0.550 resistance levels.

• XRP price is aiming for a move above the $0.550 resistance zone.
• The price is now trading above $0.5320 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $0.5325 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could gain bullish momentum if it clears the $0.5480 and $0.550 resistance levels.

XRP Price Starts Recovery

XRP price formed a base near $0.5020 to start a recovery wave like Bitcoin and Ethereum. The price started a decent increase above the $0.5220 and $0.5250 resistance levels.

The bulls were able to push the price above the 50% Fib retracement level of the downward wave from the $0.5625 swing high to the $0.5020 swing low. The price even spiked above the $0.540 level before it faced resistance.

The price is now trading above $0.5320 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $0.5325 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $0.5420 level. The first major resistance is near the $0.5480 level or the 76.4% Fib retracement level of the downward wave from the $0.5625 swing high to the $0.5020 swing low. The next key resistance could be $0.5550.

Source: XRPUSD on TradingView.comA clear move above the $0.5550 resistance might send the price toward the $0.5680 resistance. The next major resistance is near the $0.5720 level. Any more gains might send the price toward the $0.5880 resistance or even $0.600 in the near term.

Another Decline?

If XRP fails to clear the $0.5420 resistance zone, it could start another decline. Initial support on the downside is near the $0.5320 level and the trend line. The next major support is $0.5220.

If there is a downside break and a close below the $0.5220 level, the price might continue to decline toward the $0.5080 support in the near term. The next major support sits at $0.5020.

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 – $0.5320 and $0.5220.

Major Resistance Levels – $0.5420 and $0.5500.