XRP Defies Trend with Resilient Performance Amid Ethereum Surge

17

In the intricate world of cryptocurrency trading, XRP has successfully evaded a major downfall, demonstrating impressive resilience amid surges in the Ethereum market. The price of XRP has made its way back up, bypassing the $0.5220 mark and setting its gaze on a significant boost in the near future.

The upward trajectory began as XRP experienced a modest increase, surpassing the formidable $0.5150 resistance zone. Presently, the cryptocurrency is trading at an encouraging rate above $0.5250 and the 100-hourly Simple Moving Average. Additionally, a dramatic break was observed as the price succeeded in smashing through a significant bearish trend line, with resistance pegged at $0.520 on the hourly chart of the XRP/USD pair.

Follow us on Google News! ✔️


While it’s possible for the pair to correct gains, prediction suggests bullish activity near the $0.5180 zone, which could affect the forward momentum.

Earlier, XRP experienced a slip towards the $0.5065 support, before embarking on a rally reminiscent of recent market movements across the Ethereum and Bitcoin platforms. Bitcoin astonishingly climbed past the $70,000 mark while Ethereum saw a massive gain of over 20%. These significant bullish moves ignited comparable shifts in the XRP currency.

XRP’s progress was marked by successful navigation above the $0.5150 and $0.520 resistance levels. This includes an attention-grabbing break above a significant bearish trend line with resistance situated at $0.520 on the hourly chart of the pairing. The pair ventured further, breaking the $0.5320 resistance, and traded as high as $0.5386.

Currently, the price of XRP is undergoing corrections that could test the 23.6% Fibonacci retracement level of the upward wave, stretching from the $0.5064 swing low to the $0.5386 high. The cryptocurrency is trading above the $0.5250 position as well as the 100-hourly Simple Moving Average. It faces immediate resistance at close to the $0.5380 level. A successful break past the $0.5420 barrier could propel the price even further, possibly even testing the $0.5550 resistance level.

Bulls in the market could instigate a price progression above the $0.5550 resistance mark, steering a fresh advance towards the challenging $0.5650 barrier. Further gains could potentially see the price ascend towards the lofty $0.5720 resistance level.

Converse to these bullish predictions, a downward correction could be initiated if XRP falls short of breaking the $0.5380 resistance level. The initial support barrier facing this decline would be the $0.5310 level, followed closely by $0.5250.

Now, the primary support is situated near the $0.5220 mark, or the 50% Fibonacci retracement elevation of the upward swing from $0.5064 low to the $0.5386 high. A severe downside break and close beneath the $0.5220 position could potentially trigger a swift downward acceleration. Under these circumstances, the price of XRP could plummet, possibly testing the $0.5065 support in the short-term.

According to the technical indicators, the Hourly MACD suggests that XRP’s bullish pace is decelerating. The Hourly RSI (Relative Strength Index) indicates that XRP is now soaring above the 50 level. The significant support and resistance levels to watch are $0.5310, $0.5220, $0.5380, and $0.5420.