XRP is experiencing a significant upward momentum, rising strongly above the $0.5350 support zone. Currently trading above $0.5400 and the 100-hourly Simple Moving Average, the digital currency is exhibiting promising signs of sustained bullish activity.
A crucial bullish trend line is emerging, with support around $0.5450 on the XRP/USD hourly chart. This suggests a solid foundation as the pair potentially gathers strength to breach the $0.5550 resistance zone decisively.
The current rally follows a period of consolidation near the $0.5050 level, after which XRP embarked on a fresh upward trajectory. Following the steps of Bitcoin and Ethereum, the price surged past the initial resistance levels of $0.5320 and $0.5350. The bullish momentum carried XRP above the significant $0.5500 barrier, peaking at $0.5580.
As it stands, XRP is maintaining stability above the 23.6% Fibonacci retracement level of the ascent from a $0.5267 swing low to a $0.5580 high. The price’s robust position above $0.5400 and the 100-hourly SMA underscores its strengthened bullish outlook.
On the upward path, resistance may manifest around the $0.5580 mark, with subsequent major resistance points situated at $0.5650 and beyond, potentially reaching $0.5720. A definitive breakthrough above the $0.5720 resistance could propel XRP up to the $0.5800 milestone, and further gains might drive it toward the $0.5880 or even $0.5920 levels in the near term. The next significant hurdle looms at the $0.6000 level.
Conversely, if XRP fails to clear the $0.5580 resistance zone, it could retrace some of its gains. Initial support lies near $0.5500, followed by a more critical support level around $0.5450, aligned with the trend line. A breach below $0.5450 could usher in a further decline, targeting the $0.5350 support zone. Should this support fail, the price might slip toward the $0.5220 region.
Technical indicators reflect bullish tendencies, with the hourly MACD gaining pace, indicating an ascent in the bullish zone. The hourly RSI currently rests above the crucial 50 level, further reinforcing the bullish sentiment. Major support levels to monitor include $0.5450 and $0.5350, while key resistance levels remain at $0.5580 and $0.5650.
