Ethereum

Rally

Resistance

XRP price gained bullish momentum above the $0.50 resistance zone. The price is consolidating gains and might aim for another move above the $0.5450 resistance zone. 
<ul> 
 <li>XRP price gained over 20% in a few days and broke the $0.500 zone.</li> 
 <li>The price is now trading above $0.5050 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a short-term contracting triangle forming with support at $0.520 on the hourly chart of the XRP/USD pair (data source from Kraken).</li> 
 <li>The pair could extend gains if there is a close above the $0.540 resistance level.</li> 
</ul> 
<h2 id="xrp-price-regains-strength">XRP Price Regains Strength</h2> 
XRP price remained in a positive zone above the $0.440 level and extended its recovery wave. It gained over 20% in a few days, outperforming <a href="https://www.newsbtc.com/analysis/eth/ethereum-leaps-5-crosses-3300/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-breaks-62k/" target="_blank" rel="noopener ">Bitcoin</a>. The price was able to climb above the $0.5050 and $0.5200 resistance levels. 
The price even cleared the $0.5450 level and spiked above $0.550. A high was formed at $0.5659 and the price corrected gains. There was a minor decline below the $0.5450 level. The price tested the $0.5150 support zone. A low was formed at $0.5140 and the price is now consolidating. 
There was a move above the 23.6% Fib retracement level of the downward move from the $0.5659 swing high to the $0.5140 low. The price is now trading above $0.520 and the 100-hourly Simple Moving Average. Besides, there is a short-term contracting triangle forming with support at $0.520 on the hourly chart of the XRP/USD pair. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_c656fb.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-629760 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_c656fb.png?resize=1024%2C461" alt="XRP Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_c656fb.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_c656fb.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_c656fb.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_c656fb.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_c656fb.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_c656fb.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_c656fb.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
On the upside, the price is facing resistance near the $0.5290 level. The first major resistance is near the $0.5320 level. The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5650 resistance. The next major resistance is near the $0.5880 level. Any more gains might send the price toward the $0.600 resistance. 
<h2 id="are-dips-supported">Are Dips Supported?</h2> 
If XRP fails to clear the $0.5450 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.520 level. 
The next major support is at $0.5150. If there is a downside break and a close below the $0.5150 level, the price might continue to decline toward the $0.490 support in the near term. 
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 – $0.5200 and $0.5150. 
Major Resistance Levels – $0.5320 and $0.5450.

XRP Price Soars 20% Then Corrects: Is Another Rally on the Horizon?

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