XRP price has shown signs of a gradual upward trend from the $0.5080 zone, indicating a potential bullish momentum if it manages to break above the $0.5250 resistance level. The cryptocurrency is currently making efforts to surpass the $0.5120 zone and is trading above $0.5150 along with the 100-hourly Simple Moving Average. A significant development was noted with the break above a crucial bearish trend line with resistance near $0.5160 on the hourly chart of the XRP/USD pair.
While XRP price initially dipped below the $0.5120 level following Bitcoin and Ethereum’s lead, it tested the $0.5080 zone before initiating a decent recovery wave. The price successfully surpassed the $0.5120 and $0.5150 resistance levels, along with the bearish trend line. Furthermore, it cleared the 23.6% Fib retracement level from the downward move, indicating a positive outlook in the short term.
As XRP price trades above $0.5150, it faces immediate resistance near the $0.5220 level, with the crucial barrier at $0.5250. Breaking through this level could pave the way for a further uptrend towards $0.5320 and even $0.5450. Conversely, failure to surpass the $0.5250 resistance zone might lead to a downward correction. Initial support is anticipated near the $0.5160 level, followed by a major support level at $0.5080. A breach below $0.5080 could accelerate the downside momentum with a potential retest of the $0.50 support in the near future.
The Hourly MACD for XRP/USD indicates a bullish trend gaining momentum, while the Hourly RSI is above the 50 level, suggesting a positive sentiment among traders. Major support levels to watch out for are $0.5160 and $0.5080, with resistance levels at $0.5220 and $0.5250.
The XRP price movement presents a mixed outlook, with the immediate focus on breaking above the key resistance level of $0.5250 to establish a more bullish trend. Traders should closely monitor the price action and key support levels to gauge the cryptocurrency’s future trajectory in the market.
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