XRP price is experiencing upward movement, currently trading above the $0.5400 zone. To confirm a larger increase, the price needs to settle above the $0.5550 resistance level. Presently, XRP is trading above $0.5410 and the 100-hourly Simple Moving Average, supported by a key bullish trend line at $0.5395.
The XRP/USD pair could see more bullish momentum if it breaks past the resistance levels of $0.5500 and $0.5550. Recently, XRP corrected downwards from $0.5550 but found support at $0.5320. It has since climbed above both $0.5380 and $0.540 resistance levels.
The price is now trading above the 50% Fibonacci retracement level of its recent downward move, indicating potential further gains. There may still be resistance at $0.5460, $0.5500, and $0.5550, with possible targets at $0.5650, $0.5800, and $0.6000 if resistance is cleared.
If XRP fails to break above $0.5500, a decline could occur with support around $0.5400 and $0.5320. A break below $0.5320 might lead to further losses towards $0.5210 or $0.5050.
Technical indicators show the MACD for XRP/USD gaining pace in the bullish zone and the RSI above the 50 mark, supporting potential bullish momentum.
