XRP is currently grappling to break past the critical $0.5350 zone, albeit managed to hold above the $0.5000 mark. The cryptocurrency’s recent price movements have demonstrated both potential for recovery and signs of vulnerability.
In recent trading, XRP extended its losses, mirroring the price actions of other major cryptocurrencies like Bitcoin and Ethereum, dipping below the $0.5350 level. It saw a fresh decline, touching a low point at $0.5021 before attempting a rebound. The price saw a modest uptick above the $0.520 mark, overcoming the 23.6% Fib retracement level from the previous high of $0.5626 to the recent low of $0.5021. This relatively minor recovery included a break above a key bearish trend line positioned at $0.5280.
Despite these gains, XRP faced considerable resistance near $0.5320 and $0.5350, where bearish forces remain active. The modest recovery was insufficient to push it past these resistance levels, leaving it trading below $0.5350 and under the 100-hourly Simple Moving Average.
To sustain its recovery, XRP needs to clear the initial resistance at $0.5320. Should it manage to break through, the subsequent resistance stands at $0.5480, aligning with the 76.4% Fib retracement level from its previous downward trajectory. A successful breach of $0.5480 could pave the way for further resistance at $0.5550. Persistent buying pressure might propel XRP beyond this point, targeting the $0.5620 and potentially even reaching $0.5750, with optimistic forecasts speculating the possibility of hitting $0.5880 or $0.600 in the short term.
However, the prospect of another decline looms if XRP fails to overcome the $0.5320 resistance. A failure to break this zone could signal a further dip, with initial support anticipated around $0.5220. More substantial support lies at $0.5200, and if this level fails to hold, XRP could tumble further to $0.5120. The critical support level remains anchored at $0.5020, which could provide a last line of defense against deeper declines.
Technical indicators provided a mixed outlook. The hourly MACD for XRP/USD is losing momentum in the bearish zone, suggesting further weakness. On the other hand, the hourly RSI (Relative Strength Index) has climbed above the 50 level, indicating a potential for bullish momentum if buying interest persists.
Immediate major support levels stand at $0.5200 and $0.5120, while significant resistance levels are at $0.5320 and $0.5480. These technical benchmarks will be crucial in determining XRP’s short-term trajectory.
