As of now, XRP price has seen a decline below the $0.520 support level. It is currently trading within a range and aiming for an upside break above the $0.5320 resistance. The price has fallen below the $0.5120 mark, but is now trading above $0.5250 along with the 100-hourly Simple Moving Average. A key bearish trend line is also forming with resistance at $0.5325 on the hourly chart of the XRP/USD pair.
Despite the recent downtrend, there is hope for bullish momentum if the price manages to clear the $0.5365 resistance zone. The price has already corrected some losses, moving above the $0.5200 and $0.5250 resistance levels. Additionally, it has climbed above the 50% Fib retracement level of the downward move from the $0.5477 swing high to the $0.5028 low. This indicates that there is potential for further gains if the resistance levels are broken.
The immediate resistance is near $0.5320, followed by the key resistance at $0.5365 or the 76.4% Fib retracement level. If the price manages to close above these levels, it could continue its upward trajectory towards $0.5480 and eventually $0.5570. Further gains could even push the price towards the $0.5800 resistance level.
On the flip side, if XRP fails to clear the $0.5320 resistance zone, it could face another decline within the range. The initial support on the downside is near the $0.5250 level and the 100 hourly SMA, with the next major support level at $0.5140. A break below $0.5140 could signal bearish momentum, potentially leading to a retest of the $0.5030 support in the near term.
Looking at the technical indicators, the hourly MACD for XRP/USD is gaining momentum in the bullish zone. The hourly RSI for XRP/USD is also above the 50 level, indicating a potential for further upward movement.
While XRP price has faced recent challenges, there is still hope for a bullish breakout if key resistance levels are cleared. However, caution is advised as the downside risks should not be overlooked, and traders should carefully monitor the price action and technical indicators for potential signals of the future price movement.