XRP is experiencing a notable increase in its price as it ascends past the $0.5050 mark, setting its sights on potentially breaking above the $0.5500 resistance level.
Currently, XRP is aiming for a substantial rise as it positions itself around the $0.5250 range. Trading above $0.5220 and surpassing the 100-hour Simple Moving Average, the cryptocurrency has displayed a promising upward trend. A significant development was the breakthrough above a bearish trend line, with resistance initially at $0.5100 on the hourly chart of the XRP/USD pair, suggesting a possible gain in bullish momentum if the price manages to settle above the $0.5350 resistance area.
After holding steady above the $0.4880 level, XRP formed a solid base and initiated a fresh upward movement, surpassing the $0.5050 mark in a manner akin to Bitcoin and Ethereum. The subsequent rise saw the price break through the $0.5120 and $0.5200 resistance levels. The breakthrough above the bearish trend line resistance at $0.5100 on the hourly chart marked a key moment, with the price testing the $0.5365 zone. A peak was recorded at $0.5368, leading to a consolidation of gains just above the 23.6% Fibonacci retracement level of the upswing from the $0.4948 low to the $0.5368 high.
Currently trading above $0.5200 and the 100-hour Simple Moving Average, XRP faces potential resistance at the $0.5350 level. Following this, the next significant resistance is anticipated near $0.5365. If the price manages a clear move above the $0.5450 resistance, it could ascend towards the $0.5500 mark. Further gains might propel XRP towards the $0.5665 or even $0.5720 levels in the short term, with the subsequent major hurdle possibly being $0.5840.
Conversely, if XRP struggles to clear the $0.5350 resistance zone, a decline might ensue. Initial downside support is identified around the $0.5250 level, with the next substantial support near $0.5155, aligning with the 50% Fibonacci retracement level of the upward movement from the $0.4948 low to the $0.5368 high. A break below this support might push the price further down towards the $0.5050 support. The next critical support level would be the $0.500 zone.
Technical indicators show that the hourly MACD for XRP/USD is gaining momentum in the bullish zone, while the hourly RSI (Relative Strength Index) for XRP/USD stays above the 50 mark. Major support levels are pegged at $0.5250 and $0.5155, with resistance levels at $0.5350 and $0.5500.
