XRP Eyes Bullish Turn as Value Battles to Surpass $0.50 Threshold

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XRP, the digital currency, is wrestling to establish a dependable increase above $0.50. In order to secure an optimistic trend in the short term, it’s crucial for the price to inch above the $0.50 and $0.510 thresholds.

The XRP value began to register a modest uptick from the $0.4765 range, and now floats above the $0.4850 mark along with the 100-hourly Simple Moving Average. A transient ascending channel has been noted, harboring resistance at $0.500 on the hourly chart of the XRP/USD pair, indicating that a satisfactory increase could be on the horizon if the $0.50 and $0.510 resistance levels are surpassed.

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Given the situation prior, the XRP value suffered beneath $0.50 akin to Bitcoin before the bulls found their footing. The prices got a taste of the $0.4765 mark before embarking on a recovery. A bottom was hit at $0.4765 before the rise began.

Overcoming resistance at the $0.4800 and $0.4850 threshold marked the beginning of the recovery. Meanwhile, the bulls managed to hoist the price over the 50% Fib retracement mark of the latest dip from the $0.5105 peak to the $0.4765 valley. Currently, the price has nestled above the $0.4850 mark and the 100-hourly Simple Moving Average.

Despite the recovery, the price is stumbling upon hindrances in proximity to the $0.4980 and $0.50 marks. An ephemeral ascendant channel is shaping with resistance standing at $0.500 on the XRP/USD hourly chart. This resistance coincides with the 61.8% Fib retracement level of the recent drop witnessed from a swing high of $0.5105 to a low of $0.4765.

Should a decisive leap above the $0.50 resistance occur, the prices may trail towards the $0.510 resistance. The succeeding substantial resistance is poised at the $0.520 level. Should the prices close above the $0.520 resistance zone, the trajectory could suggest a hike in value. The subsequent pivotal resistance is around $0.5320.

The outcome could take a steady climb towards the $0.550 resistance if the bulls succeed in elevating the price above the $0.5320 resistance level. Further winnings could guide the value to brush against the $0.5650 resistance.

On the flip side, the price may tumble once more if the $0.50 resistance zone remains unbreached. The preliminary support on the downswing is likely to be found around the $0.490 level and the channel zone. The subsequent considerable support is situated at $0.4840. Failure to uphold the $0.4840 level could induce a bearish momentum driving the price southwards even below the recently recorded $0.4765 low.

In the technical sphere, the MACD for XRP/USD is losing momentum in the bullish territory whilst the RSI for XRP/USD now trudges below the 50 mark. Major support and resistance levels are identified at $0.4840 / $0.4765 and $0.500 / $0.510 respectively.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.