XRP price is holding the $0.500 support zone and is currently consolidating as it aims for a fresh upward trajectory, while Bitcoin is experiencing a trimming of gains. XRP is eyeing a potential increase above the $0.5100 mark. Despite this ambition, the price is presently trading below $0.5095 and the 100-hourly Simple Moving Average. A new bearish trend line has emerged, establishing resistance at $0.5090 on the hourly chart of the XRP/USD pair.
In recent movements, XRP extended its losses below the $0.5000 support zone, dipping even further past $0.4980. However, bullish interest rekindled as the price hit a low of $0.4948, from which it launched a fresh increase. This recovery saw XRP break through key resistance levels at $0.4985 and $0.500, surpassing the 50% Fibonacci retracement level of its fall from a swing high of $0.5137 to the low of $0.4948.
Currently, XRP is trading below the $0.5100 mark and the 100-hourly Simple Moving Average. On the positive side, resistance looms near $0.5065, aligned with the 61.8% Fibonacci retracement level of the aforementioned decline. An initial significant resistance barrier is situated at $0.5090. Should XRP manage to push beyond $0.5135, it could trigger a bullish drive toward $0.5200, with further potential gains leading up to $0.5250 or even $0.5265 in the near term. The subsequent major resistance level could challenge the price at $0.5350.
Conversely, if XRP struggles to clear the $0.5090 resistance zone, it may face another downward trajectory. Immediate support on the downside is positioned near the $0.500 level, followed by a critical support zone at $0.4950. If the price breaks and closes below $0.4950, it could continue its decline toward the $0.4880 support level in the short-term, with the next significant support being around the $0.4740 zone.
Technical indicators suggest mixed signals; the hourly MACD for XRP/USD is gradually gaining pace in the bullish territory, while the hourly RSI hovers around the 50 mark. Major support levels are identified at $0.5000 and $0.4950, with key resistance levels at $0.5090 and $0.5135.
