In the dynamic realm of cryptocurrency, Ripple’s native token, XRP, recently exhibited an earnest effort to hurdle beyond its $0.4700 resistance boundary. However, the crypto token remains at risk of seeing its price disembark on another declining trajectory if its fails to solidly break past its $0.4825 resistance demarcation.
At present, XRP continues grappling with the latency in momentum necessary to propel it across the substantial $0.4800 resistance outpost. Yet, it should be acknowledged that the digital asset is currently maintaining a trading value superior to $0.4720, even managing to stay in the good graces of the 100-hourly Simple Moving Average.
An inkling of positivity was observed when the digital asset managed to break free from a pivotal bearish trendline that was hemming it in at $0.4710. Such a development could potentially trigger a bullish surge, assuming there is an eventual firm close above the $0.4825 resistance.
The hopeful recovery ripple reminiscent of its fellow cryptocurrencies; Bitcoin and Ethereum, enabled the bulls to drive the XRP price to ascend beyond the $0.4720 mark, placing it within a short-term bullish precinct.
Despite punching its way out of the intimidating clutches of a bearish trend line on the hourly chart of the pair XRP/USD, it soon came face-to-face with a resistance capping it at the $0.4770 mark. After making a notable high at $0.4769, the price started exhibiting an air of vested consolidation.
Critically, the price is currently scrutinizing the robustness of the 23.6% Fib retracement step on the staircase that ascends from its swing low at $0.4660 to its recent high at $0.4769. Whilst the direction of the hike is still facing restrictions at the $0.4770 level, in the event of a successful breach above the $0.4825 resistance, it may instigate a sprint towards the $0.4880 resistance tier.
Looking ahead, a more substantial resistance awaits near the $0.500 landmark. If XRP can firmly close its trading value beyond this resistance, it might inspire an upward trajectory, rocketing towards the $0.5120 region. These gains could potentially set the stage for further price ascents toward the $0.5250 resistance terrain.
However, if XRP stumbles in its quest to clear the $0.4770 resistance, it may provoke a reverse momentum. The token’s initial support structure resides in the vicinity of $0.4740, in addition to the 100-hourly Simple Moving Average. The next major support threshold is stationed at $0.4700. Should XRP endure a downward break coupled with a close below this level, it could set the stage for a continued descent, potentially forcing the price to grapple with the $0.4620 support band shortly.
On examining the technical indicators, the MACD for the XRP/USD duo is idling at a reduced pace in a bearish zone. Meanwhile, the pair’s RSI is cautiously stationed above the crucial 50 level, with the predominate support and resistance rungs being $0.4700, $0.4620, and $0.4770, $0.4825 respectively.
