XRP Struggles to Break Key Levels

#Xrp🔥🔥 price is currently attempting to break above the key levels of $0.5450 and $0.5500, which could trigger further growth. At the moment, XRP remains consolidated above the $0.5080 support level.

The price is trading near $0.5250 and around the 100-hour simple moving average. On the hourly chart of the XRP/USD pair , there was a break above a key #BEARISH📉 trend line with resistance at $0.5380. If the price can clear the resistance levels of $0.5450 and $0.5500, we might see a decent upward movement.

Source: XRPUSD on TradingView.com

XRP Poised for Growth?

XRP has managed to stay above the $0.5080 support level, unlike #bitcoin☀️ and #etherreum , which have seen more significant declines. XRP started a slow rise above the resistance levels of $0.5220 and $0.5320.

The chart shows a break above the bearish trend line, but bulls faced resistance around $0.5450. This resistance is reinforced by the 23.6% Fib retracement level of the downward wave from the $0.6640 swing high to the $0.5070 low.

Currently, the price is hovering around $0.5250 and the 100-hour simple moving average. If the price continues to rise, it could face resistance near $0.5350, with the next major resistance at $0.5450.

A breakthrough above $0.5500 could push the price toward the $0.5850 resistance level, which aligns with the 50% Fib retracement level from the $0.6640 swing high to the $0.5070 low. Further gains could take the price toward the $0.6000 or even $0.6050 in the near future, with the key target for bulls being $0.6250.

Risk of Another Decline?

If XRP fails to clear the $0.5450 resistance zone, another decline could begin. The initial support on the downside is near the $0.5220 level, followed by a more significant support around $0.5150.

A break below the $0.5150 level could cause the price to continue declining toward the $0.5050 support in the near term. The next major support sits around the $0.5000 zone.

Technical Indicators

  • Hourly MACD: The MACD for XRP/USD is now gaining momentum in the #BullishZone .

  • Hourly RSI (Relative Strength Index): The RSI for XRP/USD is now above the 50 level, indicating bullish strength.

  • Major Support Levels: $0.5250 and $0.5120.

  • Major Resistance Levels: $0.5450 and $0.5500.

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