XRP continues its upward trajectory, hitting a high of $0.5420 before entering a period of correction and testing the $0.5320 support zone. The digital coin remains positioned above the $0.5320 level, as well as the 100-hourly Simple Moving Average, indicating a potential for further gains.
The XRP/USD pair briefly fell below a connecting bullish trend line with support at $0.540, based on data from Kraken. However, the trend suggests a possible increase in bullish momentum if the price can surmount the key resistance levels at $0.5420 and $0.5450.
The cryptocurrency mirrored the recovery patterns seen in Bitcoin and Ethereum, pushing past the $0.5220 level and breaking through resistance levels at $0.5250 and $0.5320. The upward movement culminated in a spike toward $0.5420 before bearish forces took hold, forming a top at around $0.5426. With a subsequent correction, the price dipped under the 23.6% Fibonacci retracement level from the $0.5021 swing low to the $0.5426 high.
Despite breaking below the bullish trend line on the hourly chart, XRP is trading comfortably above the $0.5320 mark and the 100-hourly SMA. It faces resistance near $0.5400, with further hurdles at $0.5420 and $0.5450. Should it clear these levels, the next major target would be $0.5550 and potentially $0.5720. Continued gains could push XRP to test resistance at $0.5950 or even $0.600.
Conversely, failure to clear the $0.540 resistance could trigger another downward trend. Initial support lies around $0.5320 and the 100-hourly SMA, with significant backing at $0.5225, which aligns with the 50% Fibonacci retracement level from the recent upswing. A break below this support could see XRP diving toward $0.5110 and potentially testing the $0.5020 support level.
The technical indicators reveal a slowing of bullish momentum, with the hourly MACD for XRP/USD losing pace and the RSI dropping below the 50 level. Key support levels are identified at $0.5320 and $0.5225, while resistance levels stand at $0.5400 and $0.5420.
