XRP is currently testing the waters for a potential rise beyond the $0.5050 level. In order to sustain this upward trend, the cryptocurrency needs to overcome the resistance levels at $0.5250 and $0.5320.
Following a recent dip from the $0.4880 level, XRP is now trading above $0.5200 and has surpassed its 100-hour simple moving average. A bullish trend line, which offers support near the $0.5150 level, is also evident on the hourly chart for the XRP /USD trading pair. If XRP can break through the resistance at $0.5250, it may gain further upward momentum.
Despite initiating a recovery from the $0.4880 level, XRP has struggled to maintain pace with the gains seen in Bitcoin and Ethereum . The recent bullish efforts have allowed XRP to rise past the $0.5150 level, achieving a notable milestone by exceeding the 50% Fibonacci retracement level of its preceding downward trend from $0.5333 to $0.4867. As of now, XRP remains trading above both the $0.5200 level and the 100-hourly simple moving average, consolidating near the 76.4% Fibonacci retracement level of the same downward movement.
In terms of potential upward movement, XRP may encounter resistance around $0.5250, with more significant hurdles situated at $0.5335 and $0.5350. If XRP successfully clears the $0.5350 mark, it could target $0.5500, while further gains may accelerate toward $0.5650 or even $0.5850. A more challenging level would be $0.6000.
Conversely, if XRP fails to surpass the resistance at $0.5250, it might experience another downturn. Key support levels to monitor include the initial support at $0.5150 and further down at $0.5085. A decisive drop and close below $0.5085 could lead to a decline toward the $0.5000 support zone, with $0.4880 being a critical level for buyers to defend.
Technical indicators suggest that the outlook remains cautiously optimistic, as the MACD for XRP /USD is showing signs of bullish momentum, and the RSI is positioned above the neutral 50 mark. Major support levels of interest include $0.5150 and $0.5000, while resistance levels to watch are $0.5250 and $0.5320.
