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💰💰💰XRP About to Soar? Price Action May Signal Surge
Positive signals for XRP over $0.5100 resistance. Bullish momentum may result from clearing $0.520 and $0.5220 resistance levels.
XRP hopes to rise beyond $0.520.
The price is above $0.510 and the 100-hour SMA.
If XRP/USD closes above $0.520, another short-term descending channel with resistance at $0.520 forms on the hourly chart.
XRP Expects More Gains
After a sustained rise, XRP encountered resistance at $0.520. Bitcoin and Ethereum have suffered small losses. The price fell below $0.5180.
The ascending wave from the $0.4980 swing low to the $0.5225 high fell below the 23.6% Fib retracement line. However, bulls remain active at $0.5140. The price remains above $0.510 and the 100-hourly SMA.
Resistance around $0.5195 is immediate. Near $0.520 is the initial resistance. The hourly XRP/USD chart shows a short-term descending channel with resistance at $0.520.
Moving over the $0.520 barrier zone might boost prices. Around $0.5220 is the next resistance. If bulls break $0.5220 barrier, the price may climb toward $0.5350. More advances might push price toward $0.550 barrier.
More Losses?
XRP may fall if it fails to break $0.520. Initial downside support is $0.5150. The next significant support is $0.5120.
The 50% Fib retracement level of the ascending wave from the $0.4980 swing low to the $0.5225 high is approaching $0.510, the key support. If price breaks down and closes below $0.510, it may accelerate downward. In this situation, the price may decrease to $0.4980 soon.
Tech Indicators
Hourly MACD - XRP/USD MACD is rising in the positive zone.
XRP/USD's hourly RSI is over 50.
Key Support Levels: $0.5120, $0.5100.
Key Resistance Levels: $0.5200, $0.5220.
