XRP is maintaining its position around the $0.500 support zone, outpacing Bitcoin and potentially setting the stage for a move above the $0.5120 resistance level. Recently, XRP’s price has hinted at a promising increase beyond the $0.5120 threshold. Despite trading below $0.5100 and the 100-hourly Simple Moving Average, the price broke through a connecting bearish trend line with resistance at $0.5020 on the hourly chart of the XRP/USD pair.
After a dip below the $0.5050 support zone and further decline below $0.5020, bulls intervened, limiting losses, which were noticeably less severe compared to Bitcoin and Ethereum. The price hit a low of $0.4921 before initiating a fresh rally, climbing above the $0.4980 and $0.500 resistance levels. It also surpassed the 23.6% Fibonacci retracement level of the drop from the $0.5236 high to the $0.4921 low.
Additionally, XRP broke above a bearish trend line with significant resistance at $0.5020 on the hourly chart. Currently trading below $0.5100 and the 100-hourly Simple Moving Average, the next upward challenge lies around the $0.5080 level, coinciding with the 50% Fibonacci retracement of the recent decline. The first substantial resistance level should be near $0.5120.
The subsequent key resistance is positioned at $0.5160. A decisive move above this point could propel the price toward the $0.5250 resistance level and possibly higher, reaching $0.5320 or even $0.5350 in the near future. The next major obstacle might be around the $0.550 mark.
Should XRP fail to surpass the $0.5080 resistance zone, another decline could be on the horizon. The initial support on the downside can be found near the $0.500 level, followed by significant support at $0.4950. A break below the $0.4950 level could trigger a continued descent to the $0.4920 support in the short term, with the next major support located near $0.4880.
Technical indicators suggest an optimistic outlook: the hourly MACD for XRP/USD is gaining momentum in the bullish territory and the hourly RSI for XRP/USD has risen above the 50 mark. Major support levels are identified at $0.5000 and $0.4950, while major resistance levels are at $0.5080 and $0.5120.
