XRP Price Stands Firm Amid Bitcoin’s Dip: A Sign of Strength?

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XRP price is holding the $0.5020 support zone. The price is beating Bitcoin and might aim for a move above the $0.5250 resistance.

• XRP price is eyeing more gains above the $0.5250 zone.
• The price is now trading below $0.5200 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance at $0.5185 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could gain bullish momentum if it settles above the $0.5200 resistance zone.

XRP Price Eyes Upside Break

XRP price extended losses below the $0.5120 support zone. The price even declined below $0.5050 before the bulls emerged, but losses were limited compared to Bitcoin and Ethereum.

A low was formed at $0.5025 and the price started a fresh increase. There was a move above the $0.5050 and $0.5120 resistance levels. It cleared the 50% Fib retracement level of the downward move from the $0.5307 swing high to the $0.5025 low.

Besides, there was a break above a key bearish trend line with resistance at $0.5185 on the hourly chart of the XRP/USD pair. The price is now trading below $0.5200 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $0.5200 level or the 61.8% Fib retracement level of the downward move from the $0.5307 swing high to the $0.5025 low. The first major resistance is near the $0.5240 level.

Source: XRPUSD on TradingView.comThe next key resistance could be $0.5300. A clear move above the $0.5300 resistance might send the price toward the $0.5350 resistance. Any more gains might send the price toward the $0.5500 resistance or even $0.5550 in the near term. The next major hurdle might be $0.5850.

Another Decline?

If XRP fails to clear the $0.5200 resistance zone, it could start another decline. Initial support on the downside is near the $0.5120 level. The next major support is near the $0.5085 level.

If there is a downside break and a close below the $0.5085 level, the price might continue to decline toward the $0.5020 support in the near term. The next major support sits near the $0.4880 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5150 and $0.5085.

Major Resistance Levels – $0.5200 and $0.5240.