XRP price has been slowly moving higher above the $0.5120 zone, showing signs of a potential upward trend. With the price now trading above $0.520 and the 100-hourly Simple Moving Average, there is a possibility of a major increase if there is a close above the $0.5320 resistance zone.
There is a connecting bullish trend line forming with support at $0.5240 on the hourly chart of the XRP/USD pair, indicating a level of support for the cryptocurrency. The pair could see a decent increase if there is a clear move above $0.5300.
On the upside, the price is facing resistance near the $0.5280 level, with key resistance levels at $0.5300 and $0.5320. A close above the $0.5320 resistance zone could trigger a further price increase, with the next major resistance at $0.5450. However, if XRP fails to clear the $0.530 resistance zone, it could start another decline. Initial support on the downside is near the $0.5240 level, followed by major support at $0.5190.
After a high was formed at $0.5300, the price is now consolidating gains above the 23.6% Fib retracement level. The price is currently trading above $0.5250 and the 100-hourly Simple Moving Average, showing a level of stability in the short term. However, if there is a downside break and a close below the $0.5190 level, the price might accelerate lower and retest the $0.5120 support.
The hourly MACD for XRP/USD is now losing pace in the bullish zone, indicating a potential weakening of the upward momentum. On the other hand, the hourly RSI for XRP/USD is above the 50 level, suggesting a level of strength in the current price trend.
XRP price is showing signs of a potential increase, but it is crucial for the cryptocurrency to break above key resistance levels to confirm a sustained upward trend. Traders and investors should watch closely for any breakouts or breakdowns at the resistance and support levels mentioned to gauge the future price movement of XRP.
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