Ripple's token, XRP, has surpassed the resistance level of $0.52 against the US Dollar, indicating a rise. While other altcoins such as ADA and BNB are experiencing losses, XRP remains in a bullish zone.
Over the past few days, #XRP faced a downward correction after reaching the $0.540 resistance level against the US Dollar. It temporarily fell below the support zone of $0.52, following a bearish trend similar to Bitcoin and Ethereum.
Despite the initial dip below the $0.52 support zone, bullish momentum was observed near the $0.4750 level in Ripple's XRP price. A low point was established around $0.4720, and the price has since started to climb.
In contrast, altcoins like ADA and BNB continued to experience downward movements. Notably, XRP managed to surpass the 50% Fibonacci retracement level, which measures the downward move from the swing high of $0.5418 to the low of $0.4720. This recovery has allowed XRP to trim most of its losses.
Currently, #RIPPLE is trading above both the $0.515 level and the 100 hourly simple moving average, indicating a positive trend. It is presently testing the 76.4% Fibonacci retracement level, which measures the upward move from the swing high of $0.5418 to the low of $0.4720. This suggests that XRP is making progress in recovering from its recent decline.
The $0.535 zone represents the initial resistance for XRP's upward movement. Additionally, a significant bearish trend line is taking shape, indicating resistance near $0.535 on the 4-hour chart of the XRP/USD pair. The first notable resistance level is situated around $0.545. If XRP successfully breaks through this resistance, it has the potential to target the $0.565 resistance level. Further gains beyond that point might lead to a test of the $0.580 resistance.
If XRP encounters difficulty in surpassing the $0.535 resistance zone, a potential downside correction could ensue. The initial support on the downside can be found around the $0.515 level, followed by a more significant support near $0.500. Should the price experience a downward break and successfully close below the $0.500 level, it could lead to further losses for XRP. In such a scenario, the price may potentially revisit the $0.480 support zone.
According to Price Analysis, the current market capitalization of XRP is estimated to be around $27,554,846,132. Additionally, the trading volume of XRP over the past 24 hours has been approximately $1,362,373,788.
KEY LEVELS :
RESISTANCE LEVEL : $0.5450-$0.5650
SUPPORT LEVEL : $0.5200-$0.5100
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