- XRP’s price is gaining ground, currently trading below $0.51, with potential for an upswing if it clears the $0.51 resistance.
- A potential decline might be in the pipeline if XRP fails to breach the $0.51 resistance level.
Over the past few days, Ripple’s native token XRP has been attempting a fresh increase above the $0.48 resistance against the US Dollar. Should it successfully clear the $0.51 resistance, the token might experience a boost in bullish momentum.
Recently, XRP underwent a downside correction from the $0.565 resistance against the US Dollar, similar to the trends observed in Bitcoin and Ethereum. It dropped beneath the $0.525 support zone and even briefly fell below the $0.480 support zone. It formed a low near $0.4550 before rebounding.
Subsequently, the token experienced a reasonable increase above the $0.4650 and $0.480 resistance levels, breaching the 23.6% Fib retracement level of the downward shift from the $0.5650 swing high to the $0.4550 low.
Currently, XRP is trading beneath $0.510 and the 100 simple moving average (4 hours). Notably, there is a rising channel in formation, with support near $0.480 on the 4-hour chart of the XRP/USD pair.
The token faces its initial resistance around the $0.500 zone. The first substantial resistance lies near the $0.510 level and the 100 simple moving average (4 hours), approximating the 50% Fib retracement level of the recent slide from the $0.5650 swing high to the $0.4550 low.
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If XRP manages to clear the $0.51 resistance level, it might steer the price toward the $0.525 resistance. Further gains may potentially pave the way to a test of the $0.550 resistance.
However, if Ripple fails to overcome the $0.51 resistance zone, it might trigger another decline. The initial support on the downside lies near the $0.480 zone and the channel trend line. The subsequent major support is around $0.455. A downside break and a close below the $0.455 level might extend XRP’s losses, potentially driving the price to retest the $0.425 support zone.
Technical indicators, including the 4-Hours MACD and the 4-Hours RSI, show that XRP is gaining pace in the bullish zone, with the RSI now above the 50 level. Thus, keep an eye on the crucial resistance and support levels.
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