Cryptocurrency XRP has recently been correcting gains from the resistance zone of $0.570. XRP’s price has shown a strong rise by breaking above the $0.550 resistance as part of the high volatility wave we have seen recently. However, this increase was rejected at the $0.570 resistance level. Subsequently, a similar pullback was observed in other major cryptocurrencies like Bitcoin and Ethereum. It appears that XRP has not remained indifferent to such a pullback.
Cryptocurrency XRP Price Above $0.52
During this correction movement, XRP’s price managed to stay above the $0.5250 support region. This indicates that bulls maintain control in the short term. Additionally, a significant upward trend line is observed in the 4-hour chart of the XRP/USD pair, indicating that bulls are striving to maintain their current positions.
However, there are some factors that could affect the price of cryptocurrency XRP in the coming days. Particularly, if the resistance level of $0.5480 is surpassed, the price could initiate a further upward movement. In this case, a close above the $0.570 resistance zone could be considered a strong rise signal, and a rally towards the next key resistance level of $0.5850 could begin.
If a Downward Movement Occurs!
If the cryptocurrency XRP fails to surpass the $0.5480 resistance level, a correction in the price could occur, and the first support levels of $0.5320 and the trend line could become important. Additionally, in case of a more pronounced decline, the $0.5240 support level and the 100 simple moving average (4-hour) should be monitored.
Currently, the MACD for XRP/USD is losing momentum in the bullish zone. This could indicate that the current upward trend is starting to lose momentum. The RSI for XRP/USD is currently above the 50 level. This indicates that the market is balanced and there is no significant overbought or oversold condition.
The main support levels for XRP/USD have been identified as $0.5320, $0.5240, and $0.500. These levels represent significant support points that the price could encounter in case of a decline. On the other hand, the main resistance levels are seen at $0.5480, $0.570, and $0.600.
