XRP Price Wavers, Analysts Watch $0.520 Resistance Amid Potential Bullish Surge

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The price of XRP, a prominent digital currency, is currently struggling to climb above the $0.520 resistance threshold. Analysts warn of potential bearish momentum if it slides below the $0.50 support level.

Despite the hurdles that the virtual currency is grappling with, it is attempting a new upsurge. However, the price has been vacillating near the $0.5150 mark and the 100 simple moving average over a 4-hour period. Moreover, a major bearish trend line has been forming, exhibiting resistance at $0.520 on the market’s 4-hour chart. Conversely, a surge in bullish momentum could occur if a closure above the $0.520 resistance transpires.

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Recently, the XRP price managed to rise above the $0.550 resistance, even grazing $0.570. A high point was marked at $0.5705 before it trailed back, akin to other cryptocurrencies such as Bitcoin and Ethereum. The price then slipped below the $0.5250 support zone, even plunging below $0.500 to touch $0.4980. Nonetheless, it formed a low point at $0.4990 and is currently stabilizing near the downward move’s 23.6% Fib retracement level; this move was from the $0.5705 swing high to the $0.4990 low. As it perseveres, it trades near the $0.5150 mark and the 100 simple moving average over the same 4-hour period.

An immediate resistance is anticipated near the $0.520 level. There is also a major bearish trend line forming around the same level, offering resistance. Analysts have stated future key resistance might be encountered near $0.5350 or the 50% Fib retracement level, which is calculated from the movement between the swing high and low.

If there is a closure above the $0.5350 resistance zone, it might ignite a notable incline. The next significant resistance could be $0.570. If bulls maintain their stance above the $0.570 resistance level, they could potentially cause a rally leading to assaulting the $0.620 resistance. If it surges onwards, it might head towards the $0.680 resistance.

However, failure in overcoming the $0.520 resistance zone might initiate another depreciation. Initial support on the downside is anticipated near the $0.500 mark. The next significant support lies at $0.490. If it breaches this level and closes below it, the price might tumble hastily. In such a scenario, the price might reevaluate the $0.460 support zone.

Technical indicators highlight that the MACD for XRP/USD is currently increasing pace in the bullish zone over a 4-hour framework. At the same time, the Relative Strength Index is hovering near the 50 level. In essence, the major support levels stand at $0.500, $0.4990, and $0.460. On the other hand, the major resistance levels are poised at $0.520, $0.5350, and $0.570.