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Cryptocurrency markets continue to be active, with XRP maintaining its upward trend but retracing from its peak. XRP demonstrated a notable performance by rising above the $0.5450 resistance. Currently, XRP is in a correction phase, trading at around $0.53.
XRP Price Rose
To examine XRP‘s rise in detail, we see that after closing above the $0.520 level, it managed to stay in a positive zone like Bitcoin and Ethereum. XRP surpassed the $0.5320 and $0.5450 resistance levels, reaching up to $0.550. A new weekly high of $0.5571 was recorded, after which the price entered a correction phase.
Currently trading above the $0.530 level, the hourly chart of the XRP/USD pair shows a significant upward trend line forming with support at $0.5330. This indicates that XRP might maintain its positive short-term outlook.
Current Resistance Levels for XRP
The immediate resistance level for XRP is around $0.5380. The first key resistance is at $0.5450. Closing above the $0.5450 resistance zone could push XRP’s price higher. In this case, the next key resistance level would be $0.5570. If the bulls can push the price above the $0.5570 resistance, a steady increase towards $0.5650 could be observed. Further gains could drive the price towards the $0.5720 resistance.
Market analyses suggest that if XRP continues its upward movement and surpasses significant resistance levels, the price is expected to reach higher levels.
What If XRP Fails to Break Resistance?
If the cryptocurrency XRP fails to break the $0.5450 resistance zone, investor anxiety increases. As long as XRP cannot surpass the $0.5450 level in its upward movement, a downward trend is likely to continue. The first support level stands out at $0.5330.
The next critical support level for XRP is determined at $0.5250. However, the main support point is around $0.5185. If XRP falls below this level and closes there, it could gain a sharper downward momentum. In this scenario, the price is likely to test the $0.5065 support in the short term.
Looking at technical indicators, the hourly MACD indicator shows that the XRP/USD pair is currently losing speed in the bullish zone. This indicates that the upward momentum is weakening and the downward trend is strengthening.
The hourly RSI (Relative Strength Index) is below the 50 level. The RSI falling below 50 indicates that the price has moved out of the overbought zone into the sell zone, increasing selling pressure. This is another sign that the downward movement in XRP’s price might continue.
