$XRP Price Ready to Break Out? Price Action Points to Potential Surge
XRP price is showing positive signs above the $0.5100 resistance and could gain bullish momentum if it clears the $0.5200 and $0.5220 resistance levels.
XRP Price Eyes More Upsides
XRP faced resistance around the $0.5200 zone and experienced a minor downside correction, dipping below $0.5180. The price fell below the 23.6% Fibonacci retracement level of its recent rise from $0.4980 to $0.5225. Despite this, bullish activity remains strong near $0.5140, and XRP is still above $0.5100 and the 100-hourly SMA.
- Immediate Resistance: The immediate resistance is near $0.5195.
- Key Resistance: The first major resistance is near $0.5200, with a short-term declining channel forming at this level on the hourly chart of the XRP/USD pair.
A close above the $0.5200 resistance zone could propel the price higher. The next key resistance is at $0.5220, and surpassing this level could lead to a surge toward $0.5350. Further gains might target the $0.5500 resistance.
Potential for More Losses
If XRP fails to clear the $0.5200 resistance zone, it could gradually decline.
- Initial Support: The initial support on the downside is near $0.5150.
- Major Support: The next significant support is at $0.5120, with the main support around $0.5100, which aligns with the 50% Fibonacci retracement level of the upward move from the $0.4980 swing low to the $0.5225 high.
A downside break and close below the $0.5100 level could accelerate the decline, potentially leading the price to test the $0.4980 support in the near term.
Technical Indicators
- Hourly MACD: The MACD for XRP/USD is gaining pace in the bullish zone.
- Hourly RSI: The RSI for XRP/USD is now above the 50 level.
- Major Support Levels: $0.5120 and $0.5100.
- Major Resistance Levels: $0.5200 and $0.5220.
In summary, XRP is poised for a fresh increase above the $0.5200 level, with potential for further gains if it surpasses key resistance levels.
Source - newsbtc.com
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