XRP price is gradually showing an upward trend above the $0.5200 mark. However, there are significant hurdles near $0.5320 that may cause a correction in the near future. The price is struggling to break above the $0.5250 zone and is currently trading above $0.5220 with the 100-hourly Simple Moving Average indicating a positive movement.
Possible Correction and Support Levels
There was a breaking news that a key bullish trend line with support at $0.5260 was breached on the hourly chart of the XRP/USD pair. This could potentially lead to a correction towards the $0.5220 support before the bulls step in again. Despite this, XRP price has remained well-supported above the $0.5120 zone and has seen an increase similar to Bitcoin and Ethereum.
The price has managed to clear significant levels such as $0.5200 and $0.5250. Moreover, there has been a clear breakthrough above the $0.5300 resistance, with the price testing the $0.5320 area. A high was recorded at $0.5325 before correcting gains. The price also traded below the 23.6% Fib retracement level, leading to a break below a key bullish trend line at $0.5260. It is currently trading above $0.5220 and the 100-hourly Simple Moving Average.
Technical Indicators
The Hourly MACD for XRP/USD is currently indicating a slowdown in the bullish zone. Additionally, the Hourly RSI for XRP/USD is below the 50 level, signaling a potential bearish movement.
The major support levels for XRP price are at $0.5260 and $0.5220, while the resistance levels are at $0.5300 and $0.5320. Any further increase will face resistance near $0.5350 and $0.550, with a potential steady increase towards the $0.5560 and $0.5650 resistance levels. Failure to break above the $0.5350 resistance could result in a downward movement with initial support at $0.5260 and $0.5200. If the price falls below $0.520, it could accelerate the decline and retest the $0.5120 support level.
XRP price is at a critical juncture with key resistance and support levels in play. Traders are advised to closely monitor the price movement and key technical indicators for potential trading opportunities.