XRP ’s recent price movement has shown a struggle as it attempts to maintain momentum above the critical $0.5500 support level. After a brief rally that peaked at $0.5780, the cryptocurrency has retraced much of its gains, indicating a potential loss of bullish strength.
Currently, XRP is trading above $0.5320 and the 100-hour Simple Moving Average, suggesting some stability in the short term. A significant bullish trend line has formed, providing support at $0.5360 on the hourly chart. As long as the price remains above the $0.5250 support zone, there is potential for a fresh upward movement.
The price had previously found support above the $0.5150 level, establishing a base from which it advanced past the $0.5250 level, similar to trends seen in Bitcoin and Ethereum . The bulls’ efforts pushed prices above both $0.5350 and $0.5500. However, the momentum stalled just shy of $0.5780, leading to a correction as the price fell below the important $0.5650 support level, dipping below the 23.6% Fibonacci retracement of the latest upward movement.
At present, XRP faces resistance around the $0.5600 level, with stronger barriers at $0.5650 and $0.5780. A decisive movement above $0.5780 could open the door for testing the $0.5880 resistance, with further potential to advance towards $0.6000 in the near future. The next significant hurdle to watch lies at the $0.6200 level.
Conversely, should XRP struggle to breach the $0.5650 resistance, it may experience further declines. Initial support is expected at the $0.5450 level, with the critical next support at $0.5360 and the trend line. A breakdown below this level could lead to a swift decline towards $0.5250, with further support around $0.5120.
