XRP’s price experienced a significant recovery wave, breaking above the $0.4880 resistance level. This resurgence hints at potential bullish momentum, especially if the cryptocurrency manages to overcome the critical $0.5220 resistance.
The recovery began as XRP formed a base above $0.4320, mirroring the recovery patterns seen in Ethereum and Bitcoin. The upward movement saw XRP surpass the $0.4750 and $0.4880 resistance levels, marking a notable shift. Notably, XRP broke above a key bearish trend line with resistance at $0.5040 on the hourly chart of its USD pair, further reinforcing its upward trajectory.
Despite these gains, XRP is currently encountering resistance near the $0.5200 zone. It remains below the $0.520 level and the 100-hourly Simple Moving Average. The $0.5220 level, in conjunction with the 100-hourly Simple Moving Average, is proving to be a tough barrier, aligning closely with the 61.8% Fibonacci retracement level of the downturn from the $0.5767 swing high to the $0.4320 low.
The primary resistance level stands at approximately $0.5420, with the next critical threshold at $0.5750. Should XRP successfully clear the $0.5750 resistance, it might surge toward $0.5840, followed by $0.5920. Further gains could propel the price to the $0.600 or even $0.6120 level in the near term.
Conversely, if XRP fails to breach the $0.5220 resistance, it faces the risk of another decline. The initial support on the downside is around $0.4980, with significant support at $0.4880. A downside break below this level could result in a continued decline, potentially driving the price toward the $0.4660 support, followed by a key support level at $0.4500.
Technical indicators reflect a bullish sentiment, with the hourly MACD gaining momentum and the hourly RSI for XRP/USD positioned above the 50 level. Major support levels to watch include $0.4980 and $0.4880, while important resistance levels are pegged at $0.5220 and $0.5420.
