XRP Price Prediction: Bullish Signs Emerge as XRP Surpasses Resistance

[CryptoSaint]

XRP is showing encouraging signs after surpassing the $0.5100 resistance level. This positive momentum could intensify if XRP can clear additional resistance at $0.520 and $0.5220.

Currently, XRP stock price is trading above $0.510 and the 100-hour Simple Moving Average (SMA), suggesting a bullish outlook. A close above $0.520 could lead to the formation of another short-term descending channel on the hourly chart, with resistance still at $0.520.

Anticipating Further Upside

XRP encountered resistance at $0.520 after a steady climb, with minor losses in Bitcoin and Ethereum causing a temporary dip below $0.5180. Despite this retracement, support remains strong around $0.5140. The price is holding above $0.510 and the 100-hourly SMA.

The immediate hurdle for XRP is near $0.5195, followed by the key resistance level at $0.520. If XRP can surpass $0.520, it could trigger further gains towards $0.5220, with potential upward movements reaching $0.5350 and even $0.550.

Potential Downturn

Failure to break above $0.520 could lead to a price drop. Initial support sits at $0.5150, with a more critical level at $0.5120. Traders should keep an eye on the 50% Fibonacci retracement level around $0.510, which acts as a crucial support zone. A breach and close below $0.510 could accelerate a downward movement, potentially revisiting $0.4980.

Technical Indicators

• The hourly MACD for XRP/USD is indicating positive momentum.
• The hourly Relative Strength Index (RSI) remains above the 50 mark.

Key Support Levels: $0.5120, $0.5100

Key Resistance Levels: $0.5200, $0.5220

 

Edited May 17 by CryptoSaint
remove punctuation

[Imam]

Accumulated at this retracement!