Can XRP sustain its price above the 100-day Simple Moving Average (SMA) and trigger a fresh increase?
XRP price has managed to surpass the $0.5450 resistance level, indicating a potential increase in value. Currently, the price is undergoing a correction, but it is expected to remain strong as long as it stays above the 100-hourly SMA.
After successfully closing above the $0.520 level, XRP joined the positive zone alongside Bitcoin and Ethereum. It went on to clear the $0.5320 and $0.5450 resistance levels, even reaching $0.5571, its highest point of the week.
Although the price dipped below $0.5450 and the 23.6% Fib retracement level from its swing low of $0.5065 to the high of $0.5571, it is still trading above $0.530 and the 100-hourly SMA. Furthermore, a bullish trend line has formed with support at $0.5330 on the XRP/USD hourly chart.
The immediate resistance currently sits around $0.5380, with the key resistance at $0.5450. A breakthrough above this resistance could push the price even higher, targeting the $0.5570 resistance. If the bullish momentum continues, the price might advance towards the $0.5650 and $0.5720 resistance levels.
However, if XRP fails to surpass the $0.5450 resistance, it could experience further downward movement. The initial support lies around $0.5330, closely followed by the trend line. In the event of a downward breakout, the price may test the significant support at $0.5250, with the main support residing near $0.5185. A close below this level could trigger accelerated selling, potentially leading to a test of the $0.5065 support level in the near future.
Looking at the technical indicators, the hourly MACD for XRP/USD is showing a decline in bullish momentum, while the hourly RSI is currently below the 50 level.
Therefore, XRP’s ability to sustain its position above the 100-hourly SMA will play a crucial role in determining whether it can trigger a fresh increase in price.