XRP’s price experienced a significant rally, gaining momentum to move above the critical $0.5500 support zone. Initially, the cryptocurrency surged toward the $0.5780 resistance level, but it quickly retraced most of its gains.
Currently, XRP’s price is struggling to maintain momentum above the $0.5500 range. It is trading above $0.5320 and remains above the 100-hour Simple Moving Average. An important bullish trend line with support at $0.5360 is developing on the hourly chart of the XRP/USD pair.
XRP managed to stay above the $0.5150 level, building a solid base for a renewed upward movement. This movement brought the price past the $0.5250, $0.5350, and $0.5500 resistance levels, mirroring similar trends seen in Bitcoin and Ethereum. Despite breaking above the $0.5650 level, the momentum waned as bears re-entered the market. The price peaked at $0.5758 before starting a correction phase, dipping below the $0.5650 support level and the 23.6% Fibonacci retracement level of the upwards move from $0.4948 to $0.5758.
However, XRP remains above $0.5320 and the 100-hour Simple Moving Average. The bullish trend line at $0.5360 is aligned with the 50% Fibonacci retracement level of the upward move from $0.4948 to $0.5758. On the upside, the price faces resistance near $0.5600, with significant resistance levels around $0.5650 and $0.5780. A decisive move above $0.5780 could propel XRP toward the $0.5880 resistance, potentially reaching as high as $0.6000 or even $0.6200.
Should XRP fail to surpass the $0.5650 resistance zone, it risks further decline. Initial support is found near $0.5450, followed by substantial support at $0.5360 along the trend line. A break below this level could pave the way for a decline to the $0.5250 support, with $0.5120 as the next critical support level.
Technical indicators show that the hourly MACD for XRP/USD is losing its bullish pace, while the hourly RSI is below the 50 mark, indicating waning upside momentum. Major support levels are set at $0.5450 and $0.5360, with resistance levels at $0.5600 and $0.5650.
