XRP is currently maintaining its value above the critical support level of $0.5350, showing resilience even amid challenges in surpassing the $0.5550 resistance level. In conjunction with a steady increase in Bitcoin , XRP ’s price is hovering around $0.5420, closely aligned with the 100-hour Simple Moving Average.
Recently, XRP has demonstrated a degree of upward movement after bouncing off a low of $0.5380. This rise has allowed it to breach the $0.5420 resistance, indicating a potential shift in trend. The price has also surpassed the 23.6% Fibonacci retracement level calculated from the previous decline ranging from $0.5656 to $0.5380. Additionally, a breakout above a bearish trend line provides further evidence of bullish potential for XRP if it can navigate successfully through higher resistance levels.
Should XRP manage to break through the $0.5550 resistance, it could pave the way for a more substantial rally. A steady upswing from this point may see it targeting resistance at $0.5650. A decisive movement beyond $0.5650 could propel the price toward the next significant resistance levels near $0.5800, and potentially reach up to $0.5880 or $0.5925 in the short term, with a major hurdle lying at the $0.6000 mark.
Conversely, if XRP fails to overcome the $0.5550 barrier, a pullback could ensue. Immediate support on the downside is anticipated at the $0.540 level, with further support levels identified at $0.5380 and $0.5320. A closing price below $0.5380 could lead to extended losses, bringing the price closer to the significant support zone of $0.5250.
On the technical front, the hourly MACD is showing a loss of momentum in the bullish territory, while the Relative Strength Index remains above the neutral mark of 50, indicating some underlying strength but also reflecting the need for caution.
