The XRP cryptocurrency has recently experienced a notable decline, testing the $0.5120 level. However, the market shows signs of recovery, and XRP may be poised to break past the $0.5320 resistance level. Currently, XRP is trading below $0.5400 and has also moved under the 100-hour Simple Moving Average, indicating a cautious approach among traders.
After failing to initiate a significant upward trend, XRP ’s price dropped below $0.5320, along with declines observed in major cryptocurrencies like Bitcoin and Ethereum . It fell beneath both the $0.530 and $0.5250 levels, even dipping below the crucial $0.5200 level. The lowest point reached was $0.5117, at which point some corrective movement began to take shape. This recovery has seen XRP breach the 23.6% Fibonacci retracement level from its previous high of $0.5600 to the recent low.
Currently, XRP has managed to break above a bearish trend line that previously capped movements at $0.5280. Despite this, it is essential to note that XRP continues to face resistance around the $0.5350 zone and the key 50% Fibonacci level stemming from its earlier price movements. The primary resistance level now appears to be at $0.5400.
Should XRP successfully navigate past the $0.5420 level, it may rally towards the $0.5485 resistance. Continued momentum could lead prices to test the $0.5550 or even $0.5650 targets in the near future, with the $0.5800 level identified as a significant hurdle ahead. Conversely, if XRP struggles to surpass the $0.5350 resistance, it may enter another downward trend, with initial support observed around $0.5230 and additional support sitting at $0.5200. If these levels are breached, the next support zone could fall to $0.5050.
