XRP is currently maintaining its position above the $0.5450 level, suggesting a potential for further gains if it can surpass resistance levels at $0.5550 and $0.5650 in the near term. The digital asset is showing signs of consolidation above the $0.5400 level and is trading above $0.5420, as well as above the 100-hour Simple Moving Average.
A bearish trend line is taking shape with resistance noted around the $0.5465 zone on the hourly chart for the XRP /USD pair. A significant increase in momentum may occur if XRP successfully breaks through the $0.550 and $0.5550 resistance levels. The price action indicates stability above a support level near $0.5320, similar to movements observed in other cryptocurrencies such as Bitcoin and Ethereum .
Recently, XRP achieved a high of $0.5659 but subsequently faced a decline, testing the $0.5400 support. A low was noted at $0.5398, while the current price consolidates around this level, trading close to the 23.6% Fibonacci retracement of the downward move from $0.5659 to $0.5398. While there is resistance at $0.5465, the first major hurdle for price advancement lies at $0.5550, coinciding with the 61.8% Fibonacci level from the recent high and low.
A decisive breakout above $0.5650 could propel XRP towards the $0.5800 resistance, with further increases potentially testing the $0.5880 or $0.5925 levels. The next significant resistance might be around $0.6000. Conversely, if XRP fails to breach the $0.550 resistance, a pullback may ensue, with initial support found near $0.540 and more significant support at $0.5345. Should the price settle below $0.5345, it might indicate a deeper downturn towards the $0.5280 and $0.5220 support zones.
Technical analysis shows that the MACD is decelerating in the bullish zone, while the Relative Strength Index (RSI) hovers below the neutral threshold of 50, signaling cautious market sentiment. The major support levels to watch include $0.5400 and $0.5345, while key resistance levels are positioned at $0.5500 and $0.5550.
