XRP Price Attempts Recovery Above $0.5050 Amid Market Surge
XRP price is attempting to increase above the $0.5050 zone. It must clear the $0.5250 and $0.5320 resistance levels to continue upward momentum.
- XRP price is correcting losses from the $0.4880 zone.
- The price is trading above $0.5200 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $0.5150 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Potential bullish momentum exists if it clears the $0.5250 resistance zone.
XRP Price Struggles To Match Bitcoin’s Surge
XRP began recovering from the $0.4880 zone, moving above $0.5050 but struggling to match the momentum of Bitcoin and Ethereum. The price surpassed the $0.5150 resistance level.
The price exceeded the 50% Fib retracement level of the downward wave from the $0.5333 swing high to the $0.4867 low, consolidating near the 76.4% Fib retracement level.
On the upside, resistance may occur near $0.5250, with major resistance at $0.5335 and a further key level at $0.5350. A breakout above $0.5350 might push the price toward $0.5500, with potential gains reaching $0.5650 or $0.5850. The next significant resistance could be at $0.6000.
Another Drop?
If XRP fails to surpass the $0.5250 resistance, it may face another decline. Initial support is at $0.5150, with major support at $0.5085. A close below $0.5085 could lead to a decline toward the $0.5000 support and subsequently to the $0.4880 zone.
Technical Indicators:
Hourly MACD – The MACD for XRP/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Major Support Levels – $0.5150 and $0.5000.
Major Resistance Levels – $0.5250 and $0.5320.