Cryptocurrency markets remain active, with XRP experiencing an upward trend before retracing from its peak. XRP demonstrated strong performance by surpassing the $0.5450 resistance and reaching a new weekly high of $0.5571. However, it is currently in a correction phase, trading at around $0.53.
To delve into XRP’s rise, it managed to stay in a positive zone, similar to Bitcoin and Ethereum, after closing above the $0.520 level. It successfully surpassed the $0.5320 and $0.5450 resistance levels. However, after reaching $0.550, it entered a correction phase.
The hourly chart of the XRP/USD pair shows a notable upward trend line forming with support at $0.5330, indicating a positive short-term outlook for XRP.
In terms of resistance levels, the immediate one is around $0.5380, followed by the key resistance at $0.5450. Breaking above this resistance zone could push XRP’s price higher, with the next key resistance level at $0.5570. Further gains could lead to the price reaching the $0.5650 and $0.5720 resistance levels.
If XRP fails to break the $0.5450 resistance, investor anxiety increases. In this scenario, a downward trend is likely to continue, with the first support level at $0.5330. The next critical support level is at $0.5250, while the main support point is around $0.5185. Falling below this level could result in a sharper downward momentum, with the price potentially testing the $0.5065 support in the short term.
Technical indicators suggest that the XRP/USD pair is losing speed in the bullish zone, indicating weakening upward momentum and strengthening downward pressure. The hourly RSI falling below the 50 level also supports the possibility of continued downward movement in XRP’s price.
Please note that this article does not provide investment advice, and investors should conduct their own research due to the high volatility and risk associated with cryptocurrencies.
