Key Takeaways:
- XRP’s price holds the key support at $0.500.
- It cleared a key bearish trend line with resistance at $0.5180 on the daily chart.
- The price could gain bullish momentum if it clears the $0.5760 resistance.
XRP is showing positive signs above $0.500 and $0.5150. To gain bullish momentum, the price must settle above the 50-day simple moving average (blue) and $0.5760.
XRP Price Signals Positive Bias
After a downside extension, the XRP price found support near the $0.4880 zone. A low was formed at $0.4870, and the price started to increase. There was a decent upward move above the $0.500 and $0.5120 resistance levels.
After Trump’s win, Bitcoin and Ethereum gained bullish momentum, sparking some bullish moves in XRP. The price cleared a key bearish trend line with resistance at $0.5180 on the daily chart, moving above the 23.6% Fib retracement level of the downward move from the $0.6660 swing high to the $0.4870 low.
XRP price seems to be gaining pace and attempting a close above the 50-day simple moving average (blue). To continue higher, the price must clear the $0.5650 level.
The next key barrier sits near the $0.5760 level or the 50% Fib retracement level of the downward move from the $0.6660 swing high to the $0.4870 low. The first major resistance could be $0.5980. A convincing move and close above the $0.5980 resistance zone could send the price toward the $0.6240 level.
Any more gains might open the doors for a test of $0.6660. The next major pivot zone is $0.6800, above which the price could surge and test $0.7000.
Another Rejection?
Conversely, XRP price might fail to clear the $0.5760 resistance zone and react to the downside. Immediate support is near the $0.5400 level. The first major support is $0.5250. A downside break below the $0.5250 support might call for a drop toward the $0.500 support.
The next major support is near the $0.4880 level, below which the price could test $0.4650 support. Any more losses might send the price toward the $0.4500 level or even $0.4320.
Overall, the XRP price shows positive signs above $0.500 and $0.5150. The price must settle above the $0.5760 resistance in the coming sessions to gain bullish momentum.
