Cryptocurrency markets remain active, as XRP continues to show an upward trend, although it has retraced from its peak. XRP has demonstrated impressive performance by surpassing the $0.5450 resistance level. Currently, XRP is in a correction phase and is trading at around $0.53.
XRP Price Rise
Upon closer examination of XRP’s rise, we can see that it has managed to stay in a positive zone, similar to Bitcoin and Ethereum, after closing above the $0.520 level. XRP has surpassed the resistance levels at $0.5320 and $0.5450, reaching as high as $0.550. A new weekly high of $0.5571 was recorded before the price entered a correction phase.
Currently, the hourly chart of the XRP/USD pair shows a significant upward trend line with support at $0.5330, indicating that XRP may maintain its positive short-term outlook.
Current Resistance Levels for XRP
The immediate resistance level for XRP is approximately $0.5380, with the first key resistance at $0.5450. If XRP manages to close above this resistance zone, it could push the price even higher. In such a case, the next key resistance level would be $0.5570, and a steady increase towards $0.5650 could be observed. Further gains could drive the price towards the $0.5720 resistance level.
Market analyses suggest that if XRP continues its upward movement and surpasses significant resistance levels, the price is expected to reach even higher levels.
What If XRP Fails to Break Resistance?
If XRP fails to break the $0.5450 resistance zone, investor anxiety may increase. As long as XRP remains unable to surpass this level in its upward movement, a downward trend is likely to continue. The first support level to watch out for is $0.5330.
The next critical support level for XRP is at $0.5250, but the main support point is around $0.5185. If XRP falls below this level and closes there, it could gain stronger downward momentum. In this scenario, the price may test the $0.5065 support level in the short term.
Looking at the technical indicators, the hourly MACD indicator shows that the XRP/USD pair is currently losing momentum in the bullish zone. This suggests that the upward momentum is weakening and the downward trend is strengthening.
The hourly RSI (Relative Strength Index) is below the 50 level, indicating that the price has moved out of the overbought zone and into the sell zone, increasing selling pressure. This further supports the possibility of a continued downward movement in XRP’s price.
Please note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
