XRP is currently experiencing upward momentum, trading above the $0.5400 level. For the price to sustain this trajectory and potentially rise further, it needs to establish itself beyond the $0.5550 resistance level.
After encountering a pullback from the $0.5550 resistance, the XRP price dipped below the $0.5420 support. However, buying interest emerged around the $0.5320 area, where a low of $0.5317 was recorded. Following this, the price began a recovery similar to trends observed in major cryptocurrencies like Bitcoin and Ethereum . It has since climbed past the resistance levels of $0.5380 and $0.5400, also moving above the 50% Fibonacci retracement level of the recent decline.
Currently, XRP is trading above the 100-hourly Simple Moving Average, supported by a significant bullish trend line that has established a support level at $0.5395. Looking ahead, XRP may encounter resistance around $0.5460, which corresponds with the 61.8% Fibonacci retracement of the previous decline. The immediate challenge remains at $0.5500, followed by the pivotal $0.5550 level.
Should XRP manage a substantial breakthrough above $0.5550, it could push toward the next resistance at $0.5650, with potential further gains targeting the $0.5800 and $0.5880 regions. The $0.6000 level looms as a significant future resistance level.
Conversely, if XRP struggles to surpass the $0.550 resistance, there is a risk of a retracement. Initial support is found near $0.540, with more critical support at $0.5320. A downturn below the $0.5320 level could lead to a decline towards $0.5210, with further support resting around $0.5050.
Technical indicators currently indicate a bullish outlook, with the MACD gaining momentum and the Relative Strength Index above the neutral 50 level, reinforcing the potential for upward price movement.
