XRP experienced a significant price rally, surpassing the $0.5550 and $0.560 thresholds. Currently, it is consolidating gains above the $0.550 mark and appears poised for more upward movement in the short term.
The cryptocurrency made a notable move past the critical $0.550 resistance zone and is now trading above this level as well as the 100-hourly Simple Moving Average. A new bullish trend line has emerged, offering support at $0.550 on the hourly chart of the XRP/USD pair. This trend line is situated near the 50% Fib retracement level, drawn from the low of $0.5234 to the high of $0.5869.
XRP’s price found strong support above the $0.5320 level, similar to Bitcoin and Ethereum, and initiated a fresh ascent, overcoming the significant barrier at $0.5420.
This upward momentum led to a surge past $0.5550 and $0.5650, with the price even testing the $0.5870 region. A peak of $0.5869 was recorded before a sharp retracement began, pulling the price below $0.5720. It also fell beneath the 23.6% Fib retracement level from the $0.5234 low to the $0.5869 high.
XRP now trades comfortably above $0.550 and the 100-hourly Simple Moving Average. The new bullish trend line at $0.550 offers solid support. On the upside, the price is likely to encounter resistance near the $0.5660 mark, with the first major hurdle around $0.5720. Should XRP clear $0.5720, the next key resistance level is $0.5850. A decisive move past $0.5850 could propel the price towards the $0.5920 resistance and possibly to $0.600 and beyond, reaching up to $0.6050 or even $0.6120 in the near future.
Conversely, if XRP struggles to break through the $0.5660 resistance zone, it may face another decline. Initial downside support lies around $0.5550, followed by significant support at $0.5500. A break and close below $0.5500 could lead to a further decline towards the $0.5380 support level, with the next major support positioned at $0.5250.
Technical indicators show that the hourly MACD for XRP/USD is losing momentum in the bullish zone, while the hourly RSI holds steady above the 50 level. Major support levels are identified at $0.5550 and $0.5500, with resistance levels at $0.5660 and $0.5720.
