XRP is showing a notable uptrend, establishing strong support above the $0.5350 mark. The price is currently ascending, with potential to breach the $0.5650 resistance level. Trading above $0.5400 and the 100-hour Simple Moving Average, the cryptocurrency is supported by a crucial bullish trend line at $0.5450 on the hourly chart of the XRP/USD pair.
After consolidating above the $0.5050 level, XRP initiated a fresh upward movement, similar to Bitcoin and Ethereum. Breaking past resistance levels at $0.5320 and $0.5350, it surged beyond the $0.5500 barrier, reaching a high of $0.5580. Currently stable above the 23.6% Fibonacci retracement level of the upward move from the $0.5267 low to the $0.5580 high, XRP continues to hold ground.
The price is maintaining its position above $0.5400 and the 100-hour Simple Moving Average, further supported by a key trend line at $0.5450 on the hourly chart. On the upside, resistance is anticipated near $0.5580, with the first significant hurdle at $0.5650. Should XRP clear this, it may encounter further resistance at $0.5720. A decisive break above $0.5720 could propel the price towards $0.5800, with possible targets at $0.5880 and even $0.5920 in the near term.
Should XRP fail to overcome the $0.5580 resistance, it might undergo a downward correction. Initial support is expected around $0.5500, with substantial backing at $0.5450 and along the trend line. A break below this level could prompt a decline towards the $0.5350 support in the short term, with the next major support around $0.5220.
Technical indicators reflect this bullish momentum: the hourly MACD for XRP/USD is gaining traction in bullish territory, while the hourly RSI is comfortably above the 50 level. Major support levels to watch include $0.5450 and $0.5350, while key resistance levels are set at $0.5580 and $0.5650.
