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XRP Price Fights to Build Momentum While Bitcoin and ETH Surge

XRP Price Fights to Build Momentum While Bitcoin and ETH Surge

XRP Price Fights to Build Momentum

XRP Price Fights to Build Momentum

XRP price is attempting a fresh increase above the $0.5050 zone. The price must clear the $0.5250 and $0.5320 resistance levels to continue higher.

XRP Price Struggles To Match Bitcoin’s Surge

XRP price started a recovery wave from the $0.4880 zone. It is back above $0.5050 but struggles to match Bitcoin and Ethereum momentum. The bulls were able to push the price above the $0.5150 resistance.

The price surpassed the 50% Fib retracement level of the downward wave from the $0.5333 swing high to the $0.4867 low. There is also a connecting bullish trend line forming with support at $0.5150 on the hourly chart of the XRP/USD pair.

The price is now trading above $0.5200 and the 100-hourly Simple Moving Average. It is consolidating near the 76.4% Fib retracement level of the downward wave from the $0.5333 swing high to the $0.4867 low.

Source: XRPUSD on TradingView.com

On the upside, the price might face resistance near the $0.5250 level. The first major resistance is near the $0.5335 level. The next key resistance could be $0.5350. A clear move above the $0.5350 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5650 resistance or even $0.5850 in the near term. The next major hurdle might be $0.6000.

Another Drop?

If XRP fails to clear the $0.5250 resistance zone, it could start another decline. Initial support on the downside is near the $0.5150 level. The next major support is near the $0.5085 level.

If there is a downside break and a close below the $0.5085 level, the price might continue to decline toward the $0.5000 support in the near term. The next major support sits near the $0.4880 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5150 and $0.5000.

Major Resistance Levels – $0.5250 and $0.5320.

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