XRP price is currently on a slow upward trajectory above the $0.5200 mark. Despite this, it is encountering obstacles around $0.5320 and may experience a slight pullback in the short term. The digital asset is making an effort to climb higher than the $0.5250 region, with the current price surpassing $0.5220 along with the 100-hourly Simple Moving Average. However, there was a recent breach below a crucial bullish trend line with support at $0.5260 on the XRP/USD pair’s hourly chart, sourced from Kraken. Consequently, there is a possibility that the pair could retreat towards the $0.5220 support before encountering bullish momentum once again.
XRP price has managed to hold steady above the $0.5120 level and saw an extension in its rally similar to Bitcoin and Ethereum. The price successfully cleared the $0.5200 and $0.5250 thresholds, leading to an apparent push above the $0.5300 resistance line, testing the $0.5320 mark. A peak was established at $0.5325 before a correction in gains began. A move below the 23.6% Fib retracement level from the swing low at $0.5080 to the high at $0.5325 was observed. Additionally, there was a breakthrough below the aforementioned bullish trend line with support at $0.5260 on the XRP/USD pair’s hourly chart. As of now, the pair is trading above $0.5220 and the 100-hourly Simple Moving Average. In terms of resistance levels, the primary hurdle is situated around the $0.5200 position. Following this, the next notable resistance is at $0.5320, with a major hindrance positioned at the $0.5350 level. An upward surge could occur if the price manages to close above the $0.5350 resistance line. Subsequently, the subsequent key obstacle lies around $0.550. Achieving a closure beyond the $0.550 resistance point might initiate a sustained uptrend towards the $0.5560 resistance level. Further gains could propel the price towards the $0.5650 resistance. Conversely, failure to breach the $0.5350 resistance might lead to a downward movement. Initial support is anticipated near the $0.5260 level, followed by a substantial support at $0.5200 or the 50% Fib retracement mark from the swing low at $0.5080 to the high at $0.5325. A downside break and close below the $0.520 level could trigger an accelerated descent, culminating in a retest of the $0.5120 support level in the immediate future.
The Hourly MACD for XRP/USD indicates a diminishing pace within the bullish region. Meanwhile, the Hourly RSI (Relative Strength Index) for XRP/USD is currently below the 50 level.
Major Support Levels for XRP price include $0.5260 and $0.5220, while the key Resistance Levels are set at $0.5300 and $0.5320.
