The XRP price is demonstrating a renewed attempt to surge above the $0.5150 threshold. Should it manage to establish itself above the $0.5500 resistance zone, we could witness a strong bullish momentum building up.
Key Insights into XRP’s Price Movement
- XRP is poised for incremental gains as it targets the $0.5350 mark.
- The cryptocurrency is currently trading above $0.5220, maintaining its position over the 100-hourly Simple Moving Average.
- A bullish trend line is forming, providing support around $0.5180 on the hourly chart for the XRP/USD pair, with data sourced from Kraken.
- Establishing a position above the $0.5500 resistance zone could give XRP the bullish momentum it needs.
XRP Price Eyes Upside Break
The XRP price initiated a commendable upward trend past the $0.500 zone. Despite surpassing the $0.5150 resistance, its performance trailed behind Bitcoin and Ethereum. Nonetheless, the bulls succeeded in driving the price beyond the $0.5250 resistance level.
Recently, the price reached a high of $0.5307, and it is currently stabilizing its gains. A minor pullback occurred, with the price dipping below $0.5250, testing the 50% Fibonacci retracement level from the $0.5112 swing low to the $0.5307 peak.
XRP is now trading comfortably above the $0.5220 mark and the 100-hourly Simple Moving Average. Additionally, a bullish trend line has emerged, offering support at $0.5180 on the hourly chart. This trend line is in proximity to the 61.8% Fibonacci retracement level of the upward move from the $0.5112 swing low to the $0.5307 high.
Potential Resistance Levels
On the upside, XRP might encounter resistance around the $0.5280 level initially. The first significant resistance is projected near $0.5320, followed by a key barrier at $0.5350. A decisive move above this level could propel the price towards the $0.5500 resistance mark. Further gains might drive the price towards the $0.5650 or even $0.5850 levels in the near future, with the next major obstacle positioned at $0.6000.
Another Setback?
In the event that XRP struggles to breach the $0.5300 resistance zone, it may experience another downturn. The initial support on the downside can be found near the $0.5210 level, followed by a more substantial support level at $0.5180.
Should there be a downward break and closure below $0.5180, the price could continue its descent towards the $0.5050 support in the near term, with the next significant support level located around the $0.5000 zone.
Technical Indicators
- Hourly MACD: The MACD for XRP/USD is currently showing signs of losing momentum within the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for XRP/USD is now positioned above the 50 level, indicating a bullish sentiment.
- Major Support Levels: $0.5210 and $0.5180
- Major Resistance Levels: $0.5350 and $0.5550
