XRP on the verge: Price hints at breakout, key levels to watch

In the latest news, the cryptocurrency market saw the value of XRP decline following a period of constant growth. The $0.520 resistance is observed, which is the same as the fluctuations in Bitcoin and Ethereum. 

In the meantime, the continuous sale of XRP pushed it below its support level of $0.5180. However, the current pullback comes after a minor retracement from the recent high of $0.5225, which itself was an extension from its low of $0.4980 and peaked up to this level before encountering resistance and a minor correction to the 23.6% Fibonacci retracement level.

Although the XRP value has dipped, it has proven its resiliency by staying above $0.510. Investors feel optimistic and thus do not allow any further reversals in the price. Here, it is clearly observable since it remains well above the 100-hour SMA, reflecting the continuation of the bullish trend. 

The current level of resistance is $0.5195, which is higher than a more solid wall at $0.520. On the hourly charts, alternatively, it is also possible that a short-term channel is developing with resistance at this threshold.

Significantly, the price exceeded the $0.520 resistance area, confirming that the breakthrough was powerful. This might cause the price to rise and reach other resistance levels, which are $0.5220 and higher, potentially $0.5350. If there is any breakthrough beyond those levels, the target price could reach the $0.550 mark, which is a sign of a considerable uptrend.

Alternatively, the price could increase if the cryptocurrency fails to overcome the $0.520 resistance level. This is the situation where there will be a predicted initial support at about $0.5150 and a big cushion at $0.5120. The crucial support point is strikingly located at $0.510, matching the 50% Fibonacci retracement level of its recent upward movement from $0.4980 to $0.5225.

If XRP’s value falls below $0.510 and stays below it, its price could fall significantly. In the short term, this could test the lower support area around the 0.4980 level, which is worth close monitoring.

According to technical indicators, the market has a strong positive attitude towards XRP/USD. The moving Average Convergence Divergence (MACD) is bullish, and the Relative Strength Index (RSI) is above 50, indicating continuous bullish activity.

XRP, on its way through the unpredictable market, will experience crucial support and resistance levels of $0.5120 and $0.5100 for support and $0.5200 and $0.5220 for resistance. These will have a huge impact on XRP’s short-term price changes in the unstable world of cryptocurrencies, which is speculative.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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