In the intriguing world of cryptocurrency, XRP has emerged as a strong contender, showing encouraging signs of growth above the resistance of $0.5100. A sustained surge in its bullish momentum could potentially be triggered if the thresholds of $0.520 and $0.5220 are breached.
Currently, XRP seems to be poised for an exhilarating climb beyond the $0.520 level. As of this moment, its trading value exceeds $0.510, and it remains comfortably situated above the 100-hourly Simple Moving Average. A demure, short-term downward trend is shaping up, with the resistance established at $0.520 on the hourly continuum of the XRP/USD pair (revealed by data from Kraken). There are strong indications that another leap could be looming, given there’s a closure above the $0.520 resistance line.
In the recent past, the XRP value experienced a steadfast ascent, only to encounter a roadblock around the $0.520 zone. Similar to Bitcoin and Ethereum’s performance trajectories, there was a slight downswing recently, culminating in the price reduction below the $0.5180 mark.
A significant move that transpired under the 23.6% Fib retracement level from a low of $0.4980 and a high of $0.5225 ensued. Nevertheless, the bulls asserted their presence around the $0.5140 area. The currency continues to solidly trade north of $0.510 and over the 100-hourly Simple Moving Average.
Next on the horizon appears to be the resistance nearing the $0.5195 mark. The initial significant resistance is expected around the $0.520 mark. An encroaching short-term, downward trend forms with resistance at $0.520 on the XRP/USD pair’s hourly frame.
A sealing price beyond the barrier of $0.520 could catapult XRP forward into a higher tier. After this, the crucial resistance is expected to be faced around $0.5220. A relentless bull market, pushing the price beyond the $0.5220 resistance level, could manifest a renewed march toward a stiff resistance of $0.5350. Should any further gains occur, they could propel XRP towards the $0.550 resistance region.
However, if XRP finds itself unable to surmount the obstacle of the $0.520 resistance zone, there might manifest a gradual decline in its value. The preliminary support on the downside lies near the $0.5150 mark with the major support being $0.5120.
Currently, the primary support resides near $0.510 and the 50% Fib retracement level from $0.4980 to $0.5225. A downward break followed by a close beneath the $0.510 mark may put the brakes on this bullish ride, potentially triggering a lower acceleration. In such a scenario, the price could succumb and face the $0.4980 support in the near future.
Examining the technical indicators, the hourly MACD suggests that XRP/USD is currently gaining traction in the bullish realm. Meanwhile, the Relative Strength Index (RSI) now records a level surpassing 50. Major support for XRP can now be seen at $0.5120 and $0.5100 while the primary resistance levels are $0.5200 and $0.5220.
