XRP price is holding steady at the $0.500 support zone, outpacing Bitcoin and potentially positioning itself for a move above the $0.5120 resistance. The cryptocurrency has shown resilience as it eyes a notable increase above this critical level, despite currently trading below $0.5100 and its 100-hourly Simple Moving Average.
Recently, XRP experienced a downturn, dipping below $0.5050 and even $0.5020. However, the downward spiral was halted at $0.4921, where buyers emerged, preventing further losses, which were not as severe as those seen in Bitcoin and Ethereum. Following this, XRP began a rebound, crossing the $0.4980 and $0.500 resistance levels. This upward movement also surpassed the 23.6% Fibonacci retracement level of the decline from the $0.5236 peak to the $0.4921 trough.
The XRP/USD pair saw a break above a bearish trend line with resistance at $0.5020 on the hourly chart. Despite this, the price remains below $0.5100 and the 100-hourly Simple Moving Average. Upward momentum might face resistance around $0.5080, aligning with the 50% Fibonacci retracement level of the recent downtrend. The first significant resistance lies at $0.5120, followed by a key resistance point at $0.5160. Successfully breaching the $0.5160 threshold could propel the price towards $0.5250. Should this momentum continue, XRP could target $0.5320 or even $0.5350 in the short term, with a major hurdle at $0.550.
Conversely, if XRP struggles to break through the $0.5080 resistance, it may face another decline. Initial support is anticipated near the $0.500 level, with substantial support following at $0.4950. A decisive drop below $0.4950 could drive the price further down towards the $0.4920 support level, with the next significant support at $0.4880.
Technical indicators suggest a bullish momentum, as evidenced by the MACD for XRP/USD gaining traction in the positive zone. Additionally, the RSI for XRP/USD has risen above the 50 level, indicating an upward trend. Primary support levels are situated at $0.5000 and $0.4950, while major resistance levels are marked at $0.5080 and $0.5120.
