XRP price challenges resistance zone: Can bulls regain momentum?
XRP price is currently stable above $0.5450, but to achieve gains, it must break through the key resistance of $0.5800. Currently, XRP price is trying to break through $0.5650, but it is still suppressed by $0.580 and 100 hourly simple moving average (SMA). On the hourly chart of XRP/USD, a clear downward trend line can be observed with resistance around $0.570.
Recently, XRP price has experienced fluctuations and once fell below $0.550, testing the support strength of $0.5450. However, similar to Bitcoin and Ethereum, XRP started to rebound after hitting the low of $0.5457, breaking through $0.5550 and $0.5600 successively, and successfully broke through the 50% Fibonacci retracement level of the downward trend from the $0.6020 high to the $0.5457 low. Nevertheless, the bears remain strong near the $0.580 resistance level.
If XRP price can break the $0.580 resistance level, it is expected to resume the upward trend. The next resistance level is $0.5850, and if it breaks through, it may rise further above $0.6050. The subsequent major resistance level is near $0.6200, and if it continues to rise, it is expected to touch the high of $0.6320 or $0.650.
However, if it fails to break through $0.580, XRP price may fall again. The initial downside support is at $0.5580, while the major support level is $0.5450. If it breaks and closes below $0.5450, it may fall further to $0.5320, and the next support level is at $0.5250.
In summary, the key support levels for XRP prices are $0.5580 and $0.5450, and the main resistance levels are $0.5700 and $0.5800. These price levels will become the focus of competition between bulls and bears.
More analysis attention Click the beginning image to take a closer look.
