XRP price has shown a slow upward trend, moving higher above the $0.5200 zone. Currently, the price is facing resistance near $0.5320 and may experience a corrective dip in the short term. Despite attempts to increase above the $0.5250 zone, the price managed to trade above $0.5220 and the 100-hourly Simple Moving Average.
There was a noticeable break below a crucial bullish trend line with support at $0.5260 on the hourly chart of the XRP/USD pair. This move suggests a possible correction towards the $0.5220 support before bullish momentum returns. The hourly MACD for XRP/USD is showing a loss of momentum in the bullish zone, while the hourly RSI has dipped below the 50 level.
XRP price found solid support above the $0.5120 level and followed the upward trend seen in Bitcoin and Ethereum. The price was able to surpass the $0.5200 and $0.5250 levels, leading to a clear move above the $0.5300 resistance. However, the price tested the $0.5320 resistance zone, forming a high at $0.5325 before correcting gains.
If the price fails to break above the $0.5350 resistance zone, there could be a downward continuation. Initial support lies near the $0.5260 level, followed by major support at $0.5200 or the 50% Fib retracement level. A downside break and close below $0.520 may accelerate the price lower, potentially retesting the $0.5120 support in the near term.
Looking ahead, XRP faces resistance near the $0.5320 level, with the next major resistance at $0.5350. A breakthrough above $0.5350 could pave the way for further upside gains towards the $0.550 level, with a potential increase towards $0.5560 and $0.5650 resistance levels. On the contrary, failure to breach the $0.5350 resistance might lead to a downside movement.
XRP’s price movement is currently at a critical juncture, where a clear break above or below key resistance and support levels will determine its future trajectory. Traders and investors need to closely monitor these levels and technical indicators to make informed decisions regarding their XRP holdings.
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