XRP price has encountered a support test as it corrects its gains from the $0.530 zone. Currently, the price is testing the $0.520 support level and there is a possibility of a rebound to initiate a fresh increase.
The XRP price is showing signs of aiming for further gains above the $0.5300 zone. It is currently trading above $0.5200 and the 100-hourly Simple Moving Average. Additionally, there is a bullish trend line forming with support at $0.520 on the hourly chart of the XRP/USD pair.
Initially, XRP experienced an upward move above the $0.5150 zone, surpassing the $0.520 resistance level. However, it fell behind Bitcoin and Ethereum in terms of performance. The bulls managed to push the price above the $0.5250 resistance and reached a high of $0.5307. Currently, the price is undergoing a correction, dipping below the $0.5265 level. The 50% Fib retracement level of the upward wave from the $0.5111 swing low to the $0.5307 high was breached.
Despite the correction, the price is still trading above $0.5200 and the 100-hourly Simple Moving Average. Furthermore, the bullish trend line at $0.520 on the XRP/USD hourly chart provides crucial support.
On the upside, the price may face resistance around the $0.5250 level, followed by the major resistance at $0.5300. If the price successfully breaks above $0.5320, it could pave the way for further gains towards the $0.5450 and $0.5550 resistance levels. Ultimately, the next significant hurdle for XRP might be the $0.6000 mark.
However, if XRP fails to overcome the $0.5250 resistance zone, it may undergo another decline. The initial support lies near $0.5200, followed by the major support at $0.5185. The 61.8% Fib retracement level of the upward wave from the $0.5111 swing low to the $0.5307 high also coincides with this support level. If the price breaks below $0.5185 and closes below it, a further decline towards the $0.5050 support level may occur. The next significant support zone sits at $0.5000.
In terms of technical indicators, the hourly MACD for XRP/USD is losing pace in the bullish zone, while the hourly RSI (Relative Strength Index) is now below the 50 level.
Key support levels for XRP include $0.5200 and $0.5185, while major resistance levels can be found at $0.5250 and $0.5300.