XRP price is showing signs of a possible uptrend as it attempts to break above the key resistance level of $0.520. After trading above $0.5120 and the 100-hourly Simple Moving Average, XRP seems to be on the path to gaining bullish momentum.
A short-term declining channel with resistance at $0.5025 was broken on the hourly chart of the XRP/USD pair, indicating a potential bullish move. The immediate resistance lies near the $0.5185 level, with the key resistance at $0.5200. A successful close above this level could trigger a surge in price towards $0.5350, followed by $0.550.
If XRP fails to clear the $0.520 resistance zone, a downside correction might occur. The initial support is expected at the $0.5145 level, followed by a major support at $0.5120. A close below this level could lead to further downside momentum, potentially dropping below the $0.5050 support zone. The 61.8% FIB retracement level from the recent swing low to high could also come into play in case of a bearish scenario.
The MACD for XRP/USD is currently losing pace in the bullish zone, indicating a possible slowdown in the uptrend. However, the RSI remains above the 50 level, suggesting that the bullish momentum might still have some strength left.
The XRP price is at a crucial juncture as it attempts to break above the $0.520 resistance level. A successful close above this level could pave the way for further gains towards $0.5350 and $0.550. On the other hand, a failure to break above $0.520 might lead to a downside correction with key support levels at $0.5145 and $0.5120. Traders and investors should monitor the price action closely to make informed decisions in the current market environment.