XRP has shown a positive movement recently, maintaining its position above the $0.5350 support level. The price managed to test the $0.5550 resistance but encountered challenges in pushing higher. Currently, XRP is aiming for an upward trend above the $0.540 level, trading above $0.5420 and successfully surpassing the 100-hour Simple Moving Average.
A crucial bullish trend line is developing, providing support at $0.5400 on the hourly chart for the XRP /USD pair. However, if the price cannot hold above this support zone, it may erase many of its recent gains. The stable support at $0.5320 has helped the price establish a base, prompting a fresh increase that mirrors the upward movements observed in Bitcoin and Ethereum .
After rising past the $0.5450 and $0.550 levels, selling pressures have emerged near the $0.5550 resistance level. A peak was noted at this point, resulting in a recent pullback below $0.550. This decline took the price beneath the 23.6% Fibonacci retracement level from the last upward move that spanned from a swing low of $0.5252 to the recent high of $0.5550. Although corrected, XRP is still trading above the $0.540 level and the associated moving average, with a significant bullish trend line still in place.
In terms of resistance, XRP might encounter challenges as it approaches the $0.5540 level, with the primary resistance positioned at $0.5550. A further advance beyond $0.5650 could propel the price towards the $0.5800 level. Sustained upward momentum may see XRP potentially testing $0.5880 or even $0.600 soon. In contrast, if XRP struggles to breach $0.5550, it may face declines. Key supports lie at $0.5440, followed by the significant $0.5400 level. A breach below $0.5400 could lead to further declines, targeting the $0.5320 and $0.5220 support areas.
Technical indicators are revealing mixed signals, with the MACD showing a weakening pace in the bullish zone, while the RSI remains above the neutral level of 50, indicating potential for further movement.
