XRP Price Holds Above $0.500 Support Amid Market Declines
XRP price is maintaining support at $0.500 and may target a breakout above the $0.5120 resistance level.
- XRP is aiming for an increase above the $0.5120 zone.
- Current trading is below $0.5100 and the 100-hourly Simple Moving Average.
- A break occurred above a bearish trend line with resistance at $0.5020 on the XRP/USD hourly chart (data from Kraken).
- Potential bullish momentum may develop if the price settles above the $0.5120 resistance.
XRP Price Eyes Steady Increase
XRP price fell below the $0.5050 support, dipping under $0.5020 before recovering, showing less decline compared to Bitcoin and Ethereum.
The low was recorded at $0.4921, after which the price began to rise, surpassing the $0.4980 and $0.500 resistance levels. It also crossed the 23.6% Fibonacci retracement level from the $0.5236 swing high to the $0.4921 low.
A break above the bearish trend line with resistance at $0.5020 was noted, although the price remains below $0.5100 and the 100-hourly Simple Moving Average.
Resistance may occur around the $0.5080 level or the 50% Fibonacci retracement of the move from $0.5236 to $0.4921, with significant resistance at $0.5120.
Further resistance could be at $0.5160, with a breakthrough potentially leading to $0.5250, and further gains might approach $0.5320 or $0.5350. The next major barrier could be at $0.550.
Another Decline?
If XRP does not break through the $0.5080 resistance, it could initiate another decline, with initial support around $0.500. The subsequent major support level is near $0.4950.
A close below $0.4950 may lead to a drop toward the $0.4920 support, followed by major support at approximately $0.4880.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major Support Levels – $0.5000 and $0.4950.
Major Resistance Levels – $0.5080 and $0.5120.