XRP is currently maintaining a strong support level around $0.5020 while showing promising resilience against other cryptocurrencies such as Bitcoin . The digital asset seems poised for potential gains, with aspirations to surpass resistance at $0.5250.
After a brief decline where XRP fell below the $0.5120 support, it dipped as low as $0.5025. However, bullish activity has emerged, curtailing further losses that were more pronounced in Bitcoin and Ethereum . Following this low, XRP initiated a rebound, successfully overcoming resistance levels at $0.5050 and $0.5120, as well as surpassing the critical 50% Fibonacci retracement point from its last swing high of $0.5307 down to the $0.5025 low.
The coin’s performance has also witnessed a significant break above a bearish trend line that had resistance around $0.5185, indicating a flourish of bullish momentum. Despite trading just below the $0.5200 level and the 100-hourly Simple Moving Average, XRP ’s outlook remains optimistic. If XRP manages to maintain trade above the $0.5200 barrier, it could pave the way for more significant momentum.
In terms of resistance levels, the immediate challenges lie around $0.5200 and the 61.8% Fibonacci retracement level, followed by a more substantial hurdle at $0.5240. A confirmed breakout above the $0.5300 level could escalate the price toward $0.5350, while further gains might reach between $0.5500 and $0.5550. The next critical resistance could emerge around $0.5850.
Conversely, if XRP struggles to break through the $0.5200 resistance, it may risk triggering another downturn. Key supports to watch include $0.5120 and $0.5085; a close beneath $0.5085 could further lead to declines back towards the $0.5020 support zone, with the next level of considerable support appearing at approximately $0.4880.
