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Cryptocurrency XRP recently corrected gains from the resistance area of $0.570. XRP’s price showed a strong increase by breaking above the $0.550 resistance as part of the recent high volatility wave. However, this increase was rejected at the $0.570 resistance level. Subsequently, similar pullbacks were observed in other major cryptocurrencies like Bitcoin and Ethereum. It appears that XRP did not remain indifferent to such a pullback.
Cryptocurrency XRP Price Maintains 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 making efforts to maintain their current positions.
However, there are some factors that could influence the price of cryptocurrency XRP in the coming days. Particularly, if the $0.5480 resistance level is surpassed, the price could initiate a further upward movement. In this case, a close above the $0.570 resistance area could be considered a strong rise signal, and a rally towards the next key resistance level at $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 in this case, the first support levels at $0.5320 and the trend line could become significant. Additionally, in the event 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 beginning 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 clear 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.
