- XRP maintains bullish momentum above $0.505, eyeing a breakout past the $0.532 resistance.
- Technical indicators show XRP’s potential for a robust surge towards $0.550.
- Failing to breach $0.532 could lead to a downward trend, with support at $0.500 and $0.475.
Ripple’s XRP has been on a roller coaster ride, recently correcting gains from its $0.550 resistance against the US dollar. However, the price remains optimistic, trading above the $0.505 mark and the critical 100 simple moving average over a 4-hour timeframe.
Significantly, a key bullish trend line is taking shape, with its support hovering around the $0.51 mark on the 4-hour XRP/USD chart, based on data from Kraken. Hence, if the token maintains its position above the $0.500 and $0.490 support zones, a new upward trajectory could be on the horizon.
Moreover, there was a notable uptrend against the US Dollar. The token effortlessly sailed past the $0.532 barrier and took a shot at $0.550. However, the price slightly corrected after reaching a zenith at $0.5493. The token dipped below the $0.532 and $0.525 levels, even breaching the 50% Fibonacci retracement level stemming from the $0.4907 swing low up to the $0.5493 pinnacle.
During press time, the XRP persistently trades above the $0.505 mark and maintains its position above the 100 simple moving average (4 hours). Additionally, the immediate overhead resistance stands at $0.515, according to CoinMarketCap data. Surpassing this, a pivotal bearish trend line awaits at $0.520. A breakthrough above this resistance could catapult the token towards the $0.532 mark, potentially paving the way for a robust surge for the $0.550 barrier. Even more impressive, this could propel XRP to challenge the formidable $0.580 resistance.
XRP’s technical indicators paint an interesting picture. The 4-hour MACD for XRP/USD is decelerating in its bullish stance, while the 4-hour RSI indicates a position shy of 50. As always, investors should watch major support levels at $0.505, $0.500, and $0.490 and resistance thresholds at $0.520, $0.532, and $0.550.
Conversely, a downward momentum might ensue if XRP struggles to breach the $0.532 resistance. Initial cushions lie at $0.5065 and the 100 simple moving average (4 hours). A further dip might find solace at the $0.500 support. Should XRP plunge below this, it might steer toward the $0.475 support zone.
