XRP price is showing signs of correcting its recent gains from the $0.530 zone, currently testing the $0.520 support level with the possibility of a fresh increase on the horizon.
The price of XRP is eyeing further gains above the $0.5300 zone, trading comfortably above $0.5200 and keeping pace with the 100-hourly Simple Moving Average. A significant bullish trend line provides support at $0.520 on the hourly chart of the XRP/USD pair.
XRP began its upward trajectory from the $0.5150 zone, making strides above the $0.520 resistance. Despite lagging behind Bitcoin and Ethereum, the bulls managed to drive the price past the $0.5250 resistance level. It traded as high as $0.5307 but has since been in a corrective phase, dipping below $0.5265 and the 50% Fib retracement level of the recent upward wave from the $0.5111 swing low to the $0.5307 high.
Currently, XRP is holding steady above $0.5200 and the 100-hourly Simple Moving Average, with a robust bullish trend line providing further support at $0.520. On the upside, resistance may be encountered around the $0.5250 mark. The first significant resistance level is at $0.5300, with the next key level at $0.5320. Should the price clear the $0.5320 resistance, it may accelerate towards $0.5450, with further gains potentially stretching to $0.5550 or even $0.5850 in the near term. The next substantial hurdle lies around the $0.6000 zone.
However, if XRP struggles to surpass the $0.5250 resistance zone, it might face another decline. Initial support on the downside is near the $0.5200 level, with the next major support around $0.5185 and the 61.8% Fib retracement level of the prior upward movement from $0.5111 to $0.5307. A decisive break below the $0.5185 level could lead to a prolonged decline towards $0.5050 support in the short term, with major support established near the $0.5000 zone.
Technical indicators reveal that the hourly MACD for XRP/USD is losing momentum in the bullish zone, while the hourly Relative Strength Index (RSI) for XRP/USD is presently below the 50 level. Key support levels to watch are $0.5200 and $0.5185, with major resistance levels identified at $0.5250 and $0.5300.
