XRP is currently maintaining its position above a critical support zone of $0.500. As the cryptocurrency market experiences fluctuations, XRP is consolidating its position and aiming for a potential upward trend, while Bitcoin is witnessing a reduction in its gains.
XRP Price Targets a Promising Increase
- XRP is poised for a significant rise beyond the $0.5100 threshold.
- The current trading price is below $0.5095, and it remains under the 100-hourly Simple Moving Average.
- A new bearish trend line is forming, presenting resistance around $0.5090 on the hourly chart for the XRP/USD pair, as per Kraken’s data.
- The pair might experience a bullish surge if it manages to surpass the $0.5135 resistance level.
XRP Price Eyes Upside Break
Recently, XRP faced an extension of losses, dipping below the $0.5000 support zone. The decline was notable, even reaching below $0.4980 before buyers stepped in, though the losses were not as severe as those observed in Bitcoin and Ethereum.
Following this downturn, a low point was identified at $0.4948, prompting a fresh upward movement. The price saw an increase, surpassing both the $0.4985 and $0.500 resistance levels. Notably, it also cleared the 50% Fibonacci retracement level from the recent drop from the $0.5137 swing high to the $0.4948 low.
Currently, XRP is trading below the $0.5100 mark and the 100-hourly Simple Moving Average. On the upside, potential resistance exists around the $0.5065 level, which aligns with the 61.8% Fibonacci retracement level of the recent decline. The first significant resistance is anticipated at the $0.5090 level.
Looking ahead, the next critical resistance could be at $0.5135. A decisive move above this threshold might propel the price toward the $0.5200 resistance point. Further gains could potentially drive the price to $0.5250 or even $0.5265 in the near future. The subsequent major obstacle might be around the $0.5350 mark.
Possibility of Another Decline?
Should XRP struggle to surpass the $0.5090 resistance zone, it might initiate another downward trajectory. The initial support on this downside is near the $0.500 level. Following that, the next crucial support rests around the $0.4950 mark.
If the price breaks and closes below the $0.4950 support level, it may continue its descent toward the $0.4880 support in the short term. The next major support is positioned near the $0.4740 zone, which could play a pivotal role in preventing further declines.
Technical Indicators
- Hourly MACD: The Moving Average Convergence Divergence (MACD) for XRP/USD is currently gaining momentum in the bullish territory.
- Hourly RSI (Relative Strength Index): The RSI for XRP/USD is approaching the 50 level, indicating a balanced moment between buyers and sellers.
- Major Support Levels: $0.5000 and $0.4950 are key support points to watch.
- Major Resistance Levels: $0.5090 and $0.5135 are the primary resistance zones that XRP needs to overcome for a bullish continuation.
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