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Cryptocurrency markets often exhibit volatile trends, testing investors‘ patience while also revealing opportunities. Recently, XRP‘s price performance has highlighted these fluctuations. A new attempt to rise above the $0.5050 resistance has once again drawn investors’ attention to this cryptocurrency.
XRP Signals an Increase
XRP is signaling that it could gain upward momentum if it surpasses the $0.520 resistance. Currently, a steady movement above the $0.520 level is observed, with the price trading above $0.5120. This movement indicates a breakout above the short-term descending channel, painting a positive picture on the four-hour chart of the XRP/USD pair.
Yesterday, XRP’s price moved upward along with a recovery wave in other major cryptocurrencies like Bitcoin and Ethereum. This movement began by settling above the $0.4950 and $0.50 resistance levels, breaking through the $0.5025 resistance and even surpassing the $0.5150 resistance.
Currently, with XRP trading at $0.5195, it is crucial for the price to close around the $0.5200 resistance. A close above this level could provide further upward potential for XRP and help bulls target the $0.5220 resistance level.
First Support Point in Declines
If XRP fails to surpass the recent $0.520 resistance area, it will follow an uncertain path. This situation increases concerns among many investors in the cryptocurrency community. Currently, the first downside support for the XRP/USD pair is around $0.5145. However, if a breakdown occurs below this level and a close below $0.5120 happens, the price could gain further downward momentum.
In this scenario, it is stated that XRP could move down to the $0.5050 support area or even lower to the $0.4980 low swing level. Looking at technical indicators, the four-hour MACD is seen losing pace in the bullish zone for XRP/USD. However, the four-hour RSI (Relative Strength Index) is still noted to be above the 50 level. This situation could potentially be a sign for further decline.
Key support levels for XRP are shown as $0.5120 and $0.5050, while resistance levels are indicated as $0.5200 and $0.5220.
