XRP price has been displaying a gradual upward trend above the $0.5120 zone, hinting at a possible major increase if it manages to surpass the $0.5320 resistance level. The cryptocurrency is currently striving for an upward push above the $0.5220 mark, trading above $0.520 and the 100-hourly Simple Moving Average. A connecting bullish trend line is forming with support at $0.5240 on the XRP/USD pair’s hourly chart from Kraken’s data source, indicating a positive outlook for the price trajectory. If XRP can decisively move above $0.5300, it might kickstart a notable increase in value.
XRP has maintained a stable position above the $0.500 level and initiated a fresh uptrend similar to Bitcoin and Ethereum. The price successfully breached the $0.5120 and $0.5150 levels, moving past the $0.5250 resistance and testing the $0.530 zone. With a peak at $0.5300, the price is currently consolidating gains above the 23.6% Fib retracement level from the $0.5080 swing low to $0.5300 high. Trading above $0.5250 and the 100-hourly Simple Moving Average, alongside the forming bullish trend line with support at $0.5240, the price seems poised for further positive movement.
Despite the upward momentum, XRP price faces resistance around the $0.5280 level, with key hurdles at $0.5300 and $0.5320. A breakthrough above the $0.5320 barrier could propel the price towards $0.5450, with subsequent targets at $0.5560 and $0.5650. However, failing to surpass the $0.530 resistance might trigger a downside correction. Initial support lies at $0.5240 and the mentioned trend line, followed by a major support zone at $0.5190 or the 50% Fib retracement level from the recent swing low to high. A close below $0.5190 could lead to further downward pressure, potentially revisiting the $0.5120 support in the near future.
The Hourly MACD for XRP/USD indicates a possible slowdown in the bullish momentum, pointing towards a potential consolidation phase. On the other hand, the Hourly RSI for XRP/USD is currently above the 50 level, suggesting a positive sentiment in the market. Major support levels to watch out for are at $0.5240 and $0.5190, while significant resistance levels are noted at $0.5300 and $0.5320.
XRP price is exhibiting signs of a potential surge if it can break above key resistance levels. However, a failure to surpass these barriers might result in a downward correction. Traders and investors should closely monitor the price action and key levels to make informed decisions in the volatile cryptocurrency market.