XRP is currently holding steady around the $0.500 support level as it consolidates and seeks the potential for upward movement. Despite recent fluctuations, the price is aiming to exceed the $0.5100 level. At present, it trades just below $0.5095 and is influenced by the 100-hourly Simple Moving Average, indicating mixed sentiment.
The trend for XRP has shown a slight decline, initially sinking below the $0.500 support zone and dipping as low as $0.4948. However, the market quickly responded, and buyers entered the fray, which limited the losses compared to other cryptocurrencies like Bitcoin and Ethereum . Following this, XRP began to recover, surpassing previous resistance levels at $0.4985 and $0.500, which also corresponded with the 50% Fibonacci retracement from its recent swing high of $0.5137 to the aforementioned low.
Currently, XRP faces resistance just under the $0.5100 level and the 100-hourly Simple Moving Average. Significant resistance is also observed near $0.5065, aligning with the 61.8% Fibonacci retracement level from its prior decline. Should XRP manage to break above the $0.5135 resistance level, it may have the potential to rally towards $0.5200 and possibly even reach higher levels around $0.5250 or $0.5265 in the near future. The next substantial hurdle lies at $0.5350.
Conversely, if XRP cannot overcome the $0.5090 resistance, it may trigger a new decline. Initial support on the downside aligns with the $0.500 level, followed by a more substantial support area around $0.4950. A breach below $0.4950 could lead to further declines toward the $0.4880 support level, with the next major support awaiting near $0.4740.
In terms of technical indicators, the MACD is gaining momentum in the bullish territory, while the RSI hovers near the neutral 50 level, reflecting the indecision in the market. Major support and resistance levels remain at $0.5000 and $0.5090, respectively, with eyes on $0.5135 as a crucial level for potential gains.
