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XRP price continues to recover, showing a positive trend above the $0.50 resistance. This rise creates a hopeful atmosphere within the cryptocurrency community, strengthening the expectation that it can surpass significant price levels. However, the faith of XRP investors in the token is also fading. So, what can be expected for the XRP price?
Critical $0.58 for XRP
Currently, the price of XRP is trading at $0.55. Notably, a significant breakout above the $0.5220 resistance line occurred on the 4-hour chart of the XRP/USD pair. This situation increases the potential for the price to move to higher levels.
The price of XRP could gain more upward momentum if it closes above the $0.580 resistance.
XRP Price Aims for Higher Targets
Cryptocurrency XRP price found support near $0.3880 after a sharp decline and initiated an upward movement. With the support of other cryptocurrencies like Bitcoin and Ethereum, XRP price started a new rise and managed to break above the $0.50 resistance.
The immediate resistance level for XRP price is around $0.5650. However, a close above the $0.5820 resistance area is needed for the price to reach higher targets. In this case, the next key resistance level will be around $0.620, and a move above this level could bring more upward potential.
What Happens if Ripple (XRP) Faces Rejection?
If XRP fails to surpass the $0.5820 resistance area, another drop could be imminent in the coming days. For now, the first downward support level is around $0.540. However, if a close below the more significant support level of $0.5150 occurs, the price could enter a more serious downtrend. In this case, it is expected that XRP will test the $0.4650 support area.
Looking at the technical indicators, the 4-hour MACD indicator for XRP/USD signals an upward movement. Similarly, the 4-hour RSI (Relative Strength Index) is above the 50 level, indicating that buyers are still influential in the market.
So, what are the important support and resistance levels for Ripple (XRP)? $0.540, $0.5150, and $0.4650 are significant downward support levels. As for resistance, the levels of $0.5650, $0.5820, and $0.6200 should be monitored.
