The price of XRP is currently stabilizing above the support level of $0.5080. In the short term, it could see potential growth if it successfully surpasses the resistance zone at $0.5450. Presently, XRP is trading above $0.5250 and has moved past the 100-hourly Simple Moving Average, indicating a slight upward momentum.
Recent market activity shows that XRP experienced a decline, dropping below the $0.5350 level and trailing behind Bitcoin and Ethereum in performance. The price fell sharply below the $0.5250 support level, reaching a low of $0.5070. Currently, the coin is consolidating, with a minor gain observed above the $0.5250 level. The price has tested the 23.6% Fibonacci retracement level, which was calculated from the recent swing high of $0.6640 to the low of $0.5070.
As XRP attempts to recover, it faces significant resistance near the $0.5450 level, where a bearish trend line is forming. Should the price clear this resistance, the next target would likely be at the $0.5500 level, with further resistance anticipated at $0.5650. A successful break and close above $0.5650 could propel the price toward the $0.580 range and possibly even to the $0.6000 or $0.6050 levels in the near future.
Conversely, if XRP struggles to break above the $0.5450 resistance, it risks initiating another downward movement. The immediate support level on the downside is noted at $0.5300, followed by the more critical $0.5250 level. A decisive break and close below $0.5250 could lead to a continued decline towards the $0.5120 and potentially down to the $0.5080 support zone.
Analyzing technical indicators, the hourly MACD is currently reflecting bullish momentum, and the RSI indicates strength above the 50 level. Key support levels remain at $0.5250 and $0.5120, while important resistance levels are positioned at $0.5450 and $0.5500.
