The price of XRP is currently trying to get back above the $0.4865 support level. A break above the support level of $0.5120 could lead to a substantial rise in price.
- XRP has stabilized and initiated a rebound, surpassing the $0.500 mark.Â
- Currently, it’s trading above $0.5050 and the 100-hourly Simple Moving Average.Â
- An encouraging development is the breach of a significant bearish trend line, previously resisting at $0.5025, as observed on the hourly chart of the XRP/USD pair (data sourced from Kraken).Â
- Should the price close above the $0.5120 resistance, it may kickstart a notable upturn in value.Â
The price of XRP slowly went down until it found support around $0.4865, which was the low point. In the same way that Bitcoin and Ethereum are, it’s about to start going up again.Â
It has broken through the $0.4950 and $0.50 support levels, which is important. A major negative trend line with resistance at $0.5025 was also broken on the hourly chart of the XRP/USD pair, which was also a big step forward.Â
The pair even went above $0.5100 and reached a high point of $0.5120. It is now preserving its gains.
At the 23.6% Fibonacci retracement level, the move up from the swing low of $0.4867 to the high of $0.5120 ran into trouble. The price is above $0.5050 and the 100-hourly Simple Moving Average right now.
At $0.5085, there is instant resistance. At $0.5120, there is the first major barrier. If the price breaks above this support zone, there could be a big rise.Â
After that, $0.5220 is the next important support level. If the trend stays positive above this level, it could lead to a recovery toward the $0.5350 resistance level. If the price keeps going up, it could reach the $0.550 support level.
Yet Another Fall?
If XRP has trouble breaking through the $0.5120 support zone, it could lead to a drop. The first level of support is likely to be around $0.5050, which is where the 100-hourly Simple Moving Average is.
The next important level of support is at $0.50, which is the 50% Fibonacci retracement level of the rise from the swing low of $0.4867 to the high of $0.5120.Â
If the price breaks and stays below $0.50, it could speed up the movement down, which could bring it back to the $0.4865 support zone.
Useful Tools for Techies:
Hourly MACD: The MACD for XRP/USD is currently moving up in a strong direction.
RSI (Relative Strength Index) for one hour: The RSI for XRP/USD has gone above 50.
$0.500 and $0.4865 are important levels of support.
$0.5120 and $0.5220 are important levels of resistance.
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