We can say that XRP, which is at 2019 levels in terms of price in the cryptocurrency market, has put its investors in a difficult position. Its performance above the $0.5100 resistance has been noticeable recently. Currently, if the price surpasses the $0.520 and $0.5220 resistance levels, it may gain upward momentum.
Is There an Expectation for a New Increase for XRP?
XRP is in anticipation of a new increase above the $0.520 level. It is currently trading around $0.510. There is a short-term downward channel in the hourly chart of the XRP/USD pair. However, if this channel closes above the $0.520 resistance, a new upward trend may begin.
XRP’s price has been steadily rising recently. However, a minor correction occurred with the resistance appearing around $0.520. This correction may have been influenced by other cryptocurrencies like Bitcoin and Ethereum, which are affected by general market movements. XRP’s immediate resistance is around $0.5195. However, the main important resistance level is around $0.520. Additionally, the downward channel with $0.520 resistance visible in the hourly chart should be considered.
A close above the $0.520 resistance level could push the price further up. The next critical resistance is around $0.5220. If the bulls push the price above this level, a new move towards the $0.5350 resistance is expected. Further gains could lead the price towards the $0.550 resistance.
Levels to Watch Below
If XRP’s price fails to surpass the $0.520 resistance region, concerns about its future increase. In this case, the cryptocurrency may slowly move downward. Currently, the first support point for the downward movement is around $0.5150. Further down, there is significant support at the $0.5120 level.
The main support currently lies in the region between $0.510 and $0.4980. If the price falls below the $0.510 level and closes below this level, further declines in XRP’s price should be expected. In this scenario, the price is likely to decline further and test the $0.4980 level in the near term.
Looking at technical indicators, the four-hour MACD is gaining upward momentum for XRP/USD. Similarly, the four-hour RSI (Relative Strength Index) is also above the 50 level for XRP/USD. These indicators suggest that the price may be in an upward trend in the near term.
The main support levels are determined as $0.5120 and $0.5100, while the main resistance levels are highlighted as $0.5200 and $0.5220. These levels could be decisive in the future movements of the price and mark points that investors should carefully monitor.
