XRP has embarked on a recovery wave after finding support at $0.4320. The cryptocurrency has experienced an 8% increase and now contends with resistance near the $0.5120 mark. Previously, XRP traded below crucial support levels of $0.500 and $0.4550, and it continues to trade under $0.5250, along with the 100-hourly Simple Moving Average.
A bearish trend line with resistance at $0.5120 has appeared on the hourly chart, making it a significant barrier to further gains. Despite initial gains, XRP remains below $0.550 and the 100-hourly Simple Moving Average. However, a key resistance zone around $0.5150 may dictate the possibility of continued upward momentum.
Following a dip, XRP hit a low of $0.4320 but has since rebounded, surpassing resistance levels at $0.4550 and $0.480. It even moved beyond the 50% Fibonacci retracement level of the drop from its $0.5765 high to the $0.4320 low. Yet, the $0.5120 resistance remains a critical challenge. If the bulls manage to break through, the next hurdles will be at $0.540 and $0.550, aligned with the 76.4% Fibonacci retracement level of the same downward trend. A successful breach above these levels could propel XRP towards $0.5550, and possibly as high as $0.5680, $0.580, or even $0.5880 in the near term.
Should XRP fail to conquer the $0.5120 barrier, it risks another downward trend. The immediate support lies near $0.4880, followed by significant support at $0.4750. A decisive break below $0.4750 might lead to a continued decline towards $0.4500, with $0.4320 being the next critical support level.
The technical indicators show the hourly MACD gaining bullish momentum, while the RSI for XRP/USD has risen above the 50 level, suggesting potential bullish activity. Major support levels are identified at $0.4880 and $0.4750, whereas resistance levels are noted at $0.5120 and $0.5400.
