XRP price is stabilizing above the $0.5450 support level and must surpass the $0.5800 resistance to initiate a significant upward movement in the near future. Recently, XRP has shown signs of a potential increase, attempting to rise above the $0.5650 mark. Currently, the price is trading below $0.580 and the 100-hour Simple Moving Average. A crucial bearish trend line is evident, with resistance forming at $0.570 on the hourly chart of the XRP/USD pair.
Despite recent losses, which saw XRP dipping below the $0.550 support, it found a floor at $0.5457 and is now making efforts to surge again, similar to Bitcoin and Ethereum. The price has experienced a rebound, climbing past the $0.5550 and $0.5600 levels and exceeding the 50% Fibonacci retracement level of the previous downward move from the $0.6020 high to the $0.5457 low. However, resistance remains strong near the $0.580 zone.
The bearish trend line at $0.570 continues to pose a challenge, with the price currently trading below this level and the 100-hour Simple Moving Average. On the upside, significant resistance levels lie at $0.570 and $0.580. Notably, the $0.580 resistance is aligned with the 61.8% Fibonacci retracement level of the prior downtrend.
Should XRP manage to clear the $0.580 resistance, the next targets could be $0.5850 and beyond. A decisive break above $0.5850 might propel the price toward the $0.6050 resistance zone and subsequently to $0.6200. Further gains could potentially drive the price towards $0.6320 or even near $0.650.
Conversely, if XRP fails to overcome the $0.580 resistance, it may face another downturn. Initial support is seen around the $0.5580 level, with more considerable support at $0.5450. A breakdown and close below this $0.5450 support could pave the way for a decline towards the $0.5320 level, with $0.5250 serving as the next major support.
Technical indicators reveal that the hourly MACD for XRP/USD is currently losing momentum in the bearish zone, while the hourly RSI for XRP/USD hovers near the 50-mark. Key support levels to watch are $0.5580 and $0.5450, and major resistance levels lie at $0.5700 and $0.5800.
