In the intriguing world of cryptocurrencies, XRP has emerged as a strong contender, showing encouraging signs of growth above the $0.5100 resistance. A sustained increase in its bullish momentum could be triggered if the $0.520 and $0.5220 thresholds are breached.
Currently, XRP appears poised for an exciting rally beyond the $0.520 level. Currently, its trading value is above $0.510 and remains comfortably above the 100 hourly simple moving average. A modest short-term bearish trend is shaping up, with resistance set at $0.520 on the XRP/USD hourly continuous (revealed by Kraken data). There are strong signs that another breakout could be on the way, given that there is a close above the $0.520 resistance line.
In the recent past, XRP value saw a steady rise, only to encounter a hurdle around the $0.520 zone. Similar to the performance trajectories of Bitcoin and Ethereum, there was a slight decline recently, culminating in the price reducing below the $0.5180 mark.
A significant move followed and occurred below the 23.6% Fibonacci retracement level from a low of $0.4980 and a high of $0.5225. However, the bulls asserted their presence around the $0.5140 area. The coin continues to trade solidly above $0.510 and above the 100 hourly simple moving average.
Next on the horizon appears to be resistance approaching the $0.5195 mark. Initial significant resistance is expected around the $0.520 mark. An encroaching short-term bearish trend is formed with resistance at $0.520 on the hourly time frame of the XRP/USD pair.
A price sealing past the $0.520 barrier could catapult XRP higher. After this, the crucial resistance is expected to be faced around $0.5220. A relentless bull market, pushing the price beyond the $0.5220 resistance level, could manifest a renewed march towards strong resistance at $0.5350. If further gains occur, they could push XRP towards the $0.550 resistance region.
However, if XRP finds itself unable to overcome the hurdle of the $0.520 resistance zone, a gradual decline in its value could manifest. Preliminary support on the downside lies near the $0.5150 mark, with the main support being $0.5120.
Currently, major support lies near $0.510 and the 50% Fibonacci retracement level of $0.4980 to $0.5225. A break down followed by a close below the $0.510 level may put a damper on this bullish move, which could trigger a minor acceleration. In such a scenario, the price could succumb and face the support of $0.4980 in the near future.
Examining the technical indicators, the hourly MACD suggests that XRP/USD is currently gaining ground in the bullish realm. Meanwhile, the Relative Strength Index (RSI) is now recording a level above 50. Major support for XRP can now be seen at $0.5120 and $0.5100, while the primary resistance levels are $0.5200 and $0 .5220.
