XRP, a cryptocurrency that is currently trading at 2019 price levels, has put its investors in a challenging position. Recently, it has shown notable performance above the $0.5100 resistance. If the price manages to surpass the resistance levels at $0.520 and $0.5220, it could gain momentum and move upwards.
Is There an Expectation for a New Increase for XRP?
There is anticipation for a new increase in XRP above the $0.520 level. Currently, it is trading around $0.510. The hourly chart of the XRP/USD pair shows a short-term downward channel. However, if this channel closes above the $0.520 resistance, it could signal the start of a new upward trend. Stay updated with the latest technology news on NEWSLINKER.
XRP’s price has been steadily rising recently. However, a minor correction occurred when it encountered resistance around $0.520. This correction could have been influenced by other cryptocurrencies like Bitcoin and Ethereum, which are affected by market movements. The immediate resistance for XRP is around $0.5195, but the most important resistance level is at $0.520. Additionally, the downward channel with visible $0.520 resistance in the hourly chart should be taken into consideration.
A close above the $0.520 resistance level could push the price even higher. The next critical resistance level is around $0.5220. If the bulls manage to push the price above this level, it is expected to make a new move towards the $0.5350 resistance. Further gains could lead to a price increase towards the $0.550 resistance.
Levels to Watch Below
If XRP fails to surpass the $0.520 resistance region, concerns about its future increase. In this scenario, the cryptocurrency may slowly move downward. The first support point for the downward movement is currently around $0.5150. Further down, there is significant support at the $0.5120 level.
The main support currently lies between $0.510 and $0.4980. If the price falls below the $0.510 level and closes below it, further declines in XRP’s price should be expected. In the near term, the price is likely to decline further and test the $0.4980 level.
Looking at the technical indicators, the four-hour MACD for XRP/USD is gaining upward momentum. Similarly, the four-hour RSI (Relative Strength Index) for XRP/USD is also above the 50 level. These indicators suggest that the price may be in an upward trend in the near term.
The main support levels are identified as $0.5120 and $0.5100, while the main resistance levels are highlighted as $0.5200 and $0.5220. These levels could play a crucial role in determining the future movements of the price, and investors should monitor them closely.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
