XRP is currently attempting to establish a new rally, making a push above the $0.5150 level. If the price can successfully break through the resistance at $0.5500, this could trigger further bullish momentum. Presently, XRP has managed to fluctuate above $0.5220 and is over the 100-hourly Simple Moving Average, suggesting a positive trend.
The cryptocurrency has gained traction after breaking above the $0.500 level, successfully navigating past the $0.5150 resistance. Although XRP is trailing behind Bitcoin and Ethereum , it has managed to surpass the $0.5250 resistance level. Recently, XRP peaked at $0.5307, but is now undergoing a period of consolidation after a slight pullback that saw it test the 50% Fibonacci retracement level derived from its recent climb.
Currently, XRP is straddling the $0.5220 level, supported by a bullish trend line at $0.5180. This trend line corresponds closely to the 61.8% Fibonacci retracement level from the low of $0.5112 to the high of $0.5307. For upward movement, the price may encounter initial resistance at $0.5280, with stronger resistance levels located at $0.5320 and $0.5350. A decisive move past the $0.5350 resistance could propel XRP towards $0.5500, possibly extending gains to $0.5650 or even $0.5850.
However, if XRP struggles to overcome the $0.5300 resistance, it risks entering a downward trend. The first signs of support can be found around the $0.5210 level, followed by a critical support zone at $0.5180. Should a further decline occur, a break below $0.5180 could lead to a drop towards the $0.5050 support, with major support levels identified near $0.5000.
Technical indicators reveal that the MACD for XRP /USD is losing strength in the bullish zone, while the RSI remains above the 50 level, indicating a cautious but sustained upward momentum.
