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XRP Price Ready to Break Out? Price Action Points to Potential Surge

XRP Price Ready to Break Out? Price Action Points to Potential Surge

XRP price shows positive signs above the $0.5100 resistance. The price could gain bullish momentum if it clears the $0.520 and $0.5220 resistance levels.

XRP Price Eyes More Upsides

After a steady increase, XRP price faced resistance near the $0.520 zone. Recently, there was a minor downside correction like Bitcoin and Ethereum. The price declined below the $0.5180 level.

There was a move below the 23.6% Fib retracement level of the upward wave from the $0.4980 swing low to the $0.5225 high. However, the bulls are active near the $0.5140 zone. The price is still trading above $0.510 and the 100-hourly Simple Moving Average.

Immediate resistance is near the $0.5195 level. The first key resistance is near $0.520. There is also a short-term declining channel forming with resistance at $0.520 on the hourly chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

A close above the $0.520 resistance zone could send the price higher. The next key resistance is near $0.5220. If the bulls push the price above the $0.5220 resistance level, there could be a fresh move toward the $0.5350 resistance. Any more gains might send the price toward the $0.550 resistance.

More Losses?

If XRP fails to clear the $0.520 resistance zone, it could slowly move down. Initial support on the downside is near the $0.5150 level. The next major support is at $0.5120.

The main support is now near $0.510 and the 50% Fib retracement level of the upward wave from the $0.4980 swing low to the $0.5225 high. If there is a downside break and a close below the $0.510 level, the price might accelerate lower. In the stated case, the price could drop and test the $0.4980 support in the near term.

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 – $0.5120 and $0.5100.

Major Resistance Levels – $0.5200 and $0.5220.

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