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While Ethereum's strong rise in the cryptocurrency market attracted attention yesterday, it was not surprising that XRP's limited participation in this rise. While there was activity in the market led by Ethereum, it was a very difficult process for XRP to overcome the resistance levels. As of the moment of writing, the price of XRP is around $0.53.
XRP Has Difficulty Breaking Resistance Levels
XRP's recent performance shows that it started an increase above the $0.5150 resistance level. The price is currently trading above the $0.5250 level. A break above the $0.520 resistance on the hourly chart of the XRP/USD pair suggests that the bulls are moving to push the price higher and it holds a significant potential in the short term.
Ethereum's rise of over 20% and Bitcoin exceeding the $ 70,000 level triggered the recovery wave of XRP. However, XRP's price is currently correcting gains. While the immediate resistance level is stated at $0.5380, the first key resistance lies around $0.5420. A close above this level could push the price higher and open a path towards the next key resistance level at $0.5550.
XRP Price Analysis: $0.5380 Resistance Zone Plays a Critical Role
The current situation of XRP reveals the importance of the $0.5380 resistance zone. If XRP fails to surpass this resistance level, it could start a downside correction. In this case, the first support will be at $0.5310. In case of a more serious decline, the main support lies at $0.5250.
If there is a break and close below the $0.5220 level, the price may accelerate lower. In this scenario, XRP price could test the $0.5065 support.
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