XRP’s price is gaining momentum above the $0.5050 support zone, showing signs of a potential push towards the $0.5500 resistance mark. Currently, XRP is positioned for a solid increase above the $0.5250 zone. It is trading above $0.5220 and the 100-hour Simple Moving Average. A notable breakthrough occurred above a connecting bearish trend line with resistance at $0.5100 on the hourly chart of the XRP/USD pair. If the pair stabilizes above the $0.5350 resistance area, it could gain bullish momentum.
Recently, XRP climbed 4%, remaining well-supported above the $0.4880 level. After establishing a base, it started to increase beyond the $0.5050 mark, similar to movements seen in Bitcoin and Ethereum. It surpassed the $0.5120 and $0.5200 resistance levels, with a significant breakout above a connecting bearish trend line with resistance at $0.5100 on the hourly chart. The upward movement peaked at $0.5365, with a high formed at $0.5368, and the price is currently consolidating gains above the 23.6% Fibonacci retracement level of the upward move from the $0.4948 swing low to the $0.5368 high.
Presently, XRP is trading above $0.5200 and the 100-hour Simple Moving Average. On the upside, resistance is anticipated near the $0.5350 level, with the first major resistance around $0.5365. The next critical resistance could be at $0.5450. If XRP manages a clear break above this $0.5450 resistance, it might propel the price towards the $0.5500 mark. Further gains could drive the price towards the $0.5665 resistance or even $0.5720 in the short term. The next significant hurdle could be at $0.5840.
However, if XRP fails to surpass the $0.5350 resistance zone, another decline might ensue. Initial support on the downside is located near the $0.5250 level, with the next significant support near the $0.5155 level or the 50% Fibonacci retracement level of the upward move from the $0.4948 swing low to the $0.5368 high. A downside break and a close below the $0.5155 level might trigger further declines towards the $0.5050 support in the near term, with the next significant support positioned near the $0.500 zone.
Technical indicators show the hourly MACD for XRP/USD gaining pace in the bullish zone, with the hourly RSI for XRP/USD now above the 50 level. Major support levels are currently at $0.5250 and $0.5155, while major resistance levels stand at $0.5350 and $0.5500.
