XRP’s price has been experiencing fluctuations, recently extending losses and testing the $0.5120 zone. However, the price is showing signs of recovery and might soon challenge the $0.5320 resistance zone.
Following this dip, XRP’s price is making efforts to correct from the $0.5120 level. Despite trading below $0.5400 and the 100-hourly Simple Moving Average, there was a notable break above a bearish trend line on the hourly chart of the XRP/USD pair, with resistance at $0.5280. This break could potentially put XRP in a position to gain bullish momentum if it manages to surpass the $0.5350 resistance zone.
The cryptocurrency’s price initially failed to reverse its downward trend and dropped below $0.5320, similar to the trends observed in Bitcoin and Ethereum. The descent continued past the $0.5300 and $0.5250 marks, eventually falling below $0.5200 and testing the $0.5120 area. After hitting a low of $0.5117, XRP began correcting its losses, moving above the 23.6% Fibonacci retracement level from the $0.5600 swing high to the $0.5117 low.
There has been a specific break above a bearish trend line, which had resistance at $0.5280 on the hourly chart, and XRP is currently trading below $0.5400 and the 100-hourly Simple Moving Average. On the upside, resistance might be encountered near $0.5350, aligning with the 50% Fibonacci retracement level from the prior swing high of $0.5600 to the recent low of $0.5117. Major resistance stands at $0.5400, with subsequent levels around $0.5420, $0.5485, and possibly stretching to $0.5550 or even $0.5650 in the short term. A significant hurdle may present itself at $0.5800.
Conversely, if XRP fails to surpass the $0.5350 resistance zone, it may face another decline. Initial downside support is near the $0.5230 level, with significant support further down at $0.5200. A break below this level could see XRP continuing its descent toward the $0.5120 support, with the next major support level situated around the $0.5050 zone.
Technical indicators for XRP show the hourly MACD gaining momentum in the bullish zone, while the hourly RSI (Relative Strength Index) has risen above the 50 level. Key support levels to watch are $0.5230 and $0.5200, with major resistance levels at $0.5350 and $0.5420.