The price of #Xrp🔥🔥 is adjusting its gains and testing key support around the 0.520 USD level. It may rebound from this level and begin a new upward movement.
XRP is eyeing further gains above the 0.5300 USD zone.
The price is trading above 0.5200 USD and the 100-hour simple moving average.
On the hourly chart of the XRP/USD pair (Kraken source), a key bullish trend line with support at 0.520 USD is forming.
If the price settles above the 0.5300 USD resistance zone, it could gain bullish momentum.
XRP Price Support Review
The price of XRP started a slight upward move above the 0.5150 USD level, reaching above the 0.520 USD resistance, though it trailed slightly behind Bitcoin and Ethereum. Bulls managed to push the price above the 0.5250 USD level.
XRP reached as high as 0.5307 USD before beginning to correct its gains. It dropped below 0.5265 USD and the price fell under the 50% Fib retracement level of the increase from 0.5111 USD to 0.5307 USD.
Currently, XRP is trading above 0.5200 USD and holding above the 100-hour simple moving average. A key bullish trend line is also forming on the hourly chart of the XRP/USD pair, providing support at 0.520 USD.
On the upside, the price could face resistance near the 0.5250 USD level, with the main resistance positioned at 0.5300 USD. Another key resistance could be 0.5320 USD. If a breakout occurs above 0.5320 USD, the price could target the 0.5450 USD resistance level. Further gains might push the price up to 0.5550 USD or even 0.5850 USD in the near term. The major barrier lies at 0.6000 USD.
Possible Downsides?
If XRP fails to clear the 0.5250 USD resistance, a further decline may ensue. The initial support on the downside is at the 0.5200 USD level. The next main support lies near 0.5185 USD, corresponding to the 61.8% Fib retracement level of the upward wave from 0.5111 USD to 0.5307 USD.
Should this level break, with a close below 0.5185 USD, the price may continue falling toward the 0.5050 USD support. Another key support level is around the 0.5000 USD mark.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The #RSI for XRP/USD is now below the 50 level.
Key Support Levels – 0.5200 USD and 0.5185 USD.
Key Resistance Levels – 0.5250 USD and 0.5300 USD.
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