Bitcoin

Resistance

XRP price is attempting a fresh increase above the $0.5050 resistance. The price could gain bullish momentum if it clears the $0.520 resistance. 
<ul> 
 <li>XRP is eyeing a steady move above the $0.520 level.</li> 
 <li>The price is now trading above $0.5120 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break above a short-term declining channel with resistance at $0.5025 on the hourly chart of the XRP/USD pair (data source from Kraken).</li> 
 <li>The pair could start another increase if there is a close above the $0.520 resistance.</li> 
</ul> 
<h2 id="xrp-price-eyes-breakout">XRP Price Eyes Breakout</h2> 
Yesterday, we saw how XRP price started a recovery wave, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-breaks-free-63500/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-recovery-trails-bitcoin/" target="_blank" rel="noopener ">Ethereum</a>. The price was able to settle above the $0.4950 and $0.50 resistance levels. 
There was a break above a short-term declining channel with resistance at $0.5025 on the hourly chart of the XRP/USD pair. The pair even cleared the $0.5150 resistance level and settled above the 100-hourly Simple Moving Average. 
It traded as high as $0.5195 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.4980 swing low to the $0.5195 high. The price is also trading above $0.5120 and the 100-hourly Simple Moving Average. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_4410a8.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="size-full wp-image-608298" src="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_4410a8.png?resize=1024%2C461" alt="XRP Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_4410a8.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_4410a8.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_4410a8.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_4410a8.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_4410a8.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_4410a8.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_4410a8.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Immediate resistance is near the $0.5185 level. The first key resistance is near $0.5200. A close above the $0.5200 resistance zone could send the price higher. The next key resistance is near $0.5220. If the bulls remain in action above the $0.5220 resistance level, there could be a rally toward the $0.5350 resistance. Any more gains might send the price toward the $0.550 resistance. 
<h2 id="another-decline">Another Decline?</h2> 
If XRP fails to clear the $0.520 resistance zone, it could start another decline. Initial support on the downside is near the $0.5145 level. The next major support is at $0.5120. 
If there is a downside break and a close below the $0.5120 level, the price might accelerate lower. In the stated case, the price could even drop below the $0.5050 support zone or the 61.8% Fib retracement level of the upward move from the $0.4980 swing low to the $0.5195 high. 
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 – $0.5120 and $0.5050. 
Major Resistance Levels – $0.5200 and $0.5220.

XRP Price Shows Signs of Recovery Within Range: Can it Spark a Rally?

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