Slowly but surely, the price of XRP, the cryptocurrency in the global payment protocol Ripple, is edging upwards, currently hovering above the $0.5120 benchmark. The optimistic streak may just turn meteoric if the cryptocurrency manages to lock above the significant resistance of $0.5320.
As of now, XRP exhibits a determined upwards surge pushing past the $0.5220 mark. Showcasing a strong momentum, the cryptocurrency is trading above $0.520 and the 100 hourly Simple Moving Average—an encouraging sign for investors and traders. A trend line is also drawing the trajectory for this bullish run with a supportive base at $0.5240. Data from this upward flux comes from the hourly chart of the XRP/USD pair information obtained from Kraken, a San Francisco-based cryptocurrency exchange.
There’s a vibe of anticipation circling the market, as experts predict a decent swell in the price of XRP should it surpass the $0.5300 threshold with conviction.
Fueling such optimism is the fact that XRP’s price has maintained a strong support above the $0.500 zone, mimicking the upturn echoed in Bitcoin and Ethereum, its crypto brethren. XRP showed its mettle by breaking past the $0.5120 and $0.5150 resistance levels.
The bullish momentum took the price past the $0.5250 resistance, after which, it had a rendezvous with the $0.530 zone. A high was recorded at $0.5300, and now the price is marshaling its gains above the 23.6% Fib retracement level observed from the uphill journey from the low of $0.5080 to the high of $0.5300.
Furthermore, the price is settling comfortably above the $0.5250 mark and the 100-hour Simple Moving Average. A friendly trend line is charting this bullish path with sturdy backing at $0.5240.
However, it won’t be a walk in the park for XRP as hurdles lie at the $0.5280 level. The cryptocurrency will find its first massive resistance near the $0.5300 mark. Beyond this, looms the pivotal resistance around the $0.5320 zone—a breakthrough of which could catapult the price even higher towards $0.5450.
Should the dream run continue and XRP’s price close above the $0.5450 resistance level, the path towards the $0.5560 resistance seems like a viable shot. Further upswings may even take the price knocking on the doors of $0.5650.
However, if XRP stumbles while attempting to clear the $0.530 resistance zone, the price might witness a pullback. Initial support in the tumble will be encountered near the $0.5240 level and the trend line. The next support is stationed around the $0.5190 marker or the 50% Fib retracement level discerned from the climb between the lows of $0.5080 to the highs of $0.5300.
A break below and a close under the level of $0.5190 might press on the downward accelerator, in which case the price may test the resolve of the $0.5120 support in the coming times.
The tale of technical indicators narrates a similar story. The Hourly MACD (Moving Average Convergence Divergence) for XRP/USD seems to lose steam in the bullish zone. Further, the Hourly RSI (Relative Strength Index) for XRP/USD currently sits above the neutral 50 level score.
On the downside, the major support levels are pegged at $0.5240 and $0.5190, whereas the major resistance levels that XRP needs to conquer are $0.5300 and $0.5320.
