XRP Price Tests $0.520 Support After Recent Gains

XRP price is correcting from the $0.530 zone and is currently testing the $0.520 support, with potential for a rebound leading to further gains.

XRP aims for gains above $0.5300.
The price trades above $0.5200 and the 100-hourly Simple Moving Average.
A key bullish trend line is forming with support at $0.520 on the hourly XRP/USD chart (data source: Kraken).
The pair may gain momentum if it surpasses the $0.5300 resistance.

XRP Price Revisits Support

XRP began an upward move above the $0.5150 zone, breaking the $0.520 resistance but lagging behind Bitcoin and Ethereum. The price reached as high as $0.5307 before correcting, dropping below $0.5265 and the 50% Fibonacci retracement of the upward wave from $0.5111 to $0.5307.

Currently, XRP trades above $0.5200 and the 100-hourly Simple Moving Average, with a bullish trend line providing support at $0.520.

Resistance levels include $0.5250 and $0.5300, with further resistance at $0.5320. A clear break above $0.5320 could lead to a rise toward $0.5450, with potential to reach $0.5550 or $0.5850 in the near term. The next significant hurdle is $0.6000.

Downside Break?

If XRP does not overcome the $0.5250 resistance, it may decline. Initial downside support is near $0.5200, followed by $0.5185 and the 61.8% Fibonacci retracement level from the previous upward movement.

A drop below $0.5185 could push the price down to $0.5050, with further support at the $0.5000 zone.

Technical Indicators:

Hourly MACD indicates a loss of bullish momentum.

Hourly RSI is below the 50 level.

Major Support Levels: $0.5200 and $0.5185.

Major Resistance Levels: $0.5250 and $0.5300.