The XRP price is experiencing an upward movement after stabilizing at the $0.5250 support level. There is potential for bullish momentum if the price surpasses the resistance levels of $0.5450 and $0.5500.
Current Market Indicators for XRP
- XRP is initiating a fresh ascent above the crucial $0.5320 support level.
- The price is currently trading above $0.5350, sustained by the 100-hourly Simple Moving Average (SMA).
- There was a breakthrough above a significant bearish trend line, with resistance at $0.5310, visible on the hourly chart of the XRP/USD pair (data sourced from Kraken).
- To gain further bullish momentum, the pair needs to clear the resistance levels of $0.5450 and $0.5500.
XRP Price Holds Key Support
XRP price has shown resilience above the $0.5240 support level, forming a base from which it has started a new upward movement above $0.5350, similar to trends seen in Bitcoin and Ethereum. The price has risen above the 61.8% Fibonacci retracement level of the downward trend from the $0.5430 swing high to the $0.5252 low point. Additionally, there was a significant breakout above a bearish trend line with resistance at $0.5310 on the hourly chart of the XRP/USD pair.
Currently, XRP is trading above $0.5350 and the 100-hourly SMA. On the upside, the price may encounter resistance near the $0.5390 level, aligning closely with the 76.4% Fibonacci retracement level of the decline from the $0.5430 swing high to the $0.5252 low.
Resistance Levels to Watch
The initial major resistance for XRP is positioned near $0.5400. Beyond this, the next significant resistance could be the $0.5450 level. A decisive move above the $0.5450 resistance level could propel the price towards the $0.5500 resistance mark. If the upward momentum continues, XRP might aim for the $0.5680 resistance or even $0.5750 in the short term. A further significant hurdle could be at $0.600, where bearish forces might re-emerge.
Potential for Another Decline
In the event that XRP fails to overcome the $0.540 resistance zone, it could experience another downward trend. The initial support on the downside is around the $0.5340 level, bolstered by the 100-hourly SMA. The subsequent major support is located near the $0.5280 level.
Should there be a downward break and closure below the $0.5280 level, the price might continue to decrease towards the $0.5250 support in the short term. The next significant support zone is anticipated near $0.5120.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone, indicating a potential upward trend.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is presently above the 50 level, signaling strength in the current price movement.
Major Support Levels
- $0.5340
- $0.5280
Major Resistance Levels
- $0.5400
- $0.5450
