XRP, the crypto token of Ripple, is in the midst of a period of critical trading in terms of price. After a spike above the resistance of $0.5400 last week against US Dollar, Ripple saw a correction below this level. As a result, XRP price declined to low around $0.4822 before rallying a bit. Currently, XRP is trading above the important support area at $0.500.
To sustain this recent upward trend, it is crucial for XRP to maintain the momentum over $0.50 and $0.482 levels. To form an additional bullish wave, the crypto token must successfully break over the resistance at $0.5350. If Ripple is able to breach this level, it may surge further up towards the critical resistance position at $0.585.
On the other hand, if XRP fails to breakthrough $0.5350, which has been proven to be a difficult level, there's a possibility of the token seeing further downside. In this instance, the token may face immediate support at $0.4980 and $0.482. If the drops reach below this level, another support point at $0.420 may be reached.
From the technical point of view, the MACD for XRP/USD is losing traction in the bearish zone; also, its Relative Strength Index (RSI) is below the 50 mark. Taking these signals into account, XRP's future movement largely depends on whether the crypto token can break the resistance of $0.5350. Until then, the upside and downside will remain in balance for Ripple.
Leonardo Cox
- 2023-04-07
XRP Price Analysis: Momentum Above $0.50 Necessary For Bullish Wave
Following a recent spike in price and subsequent correction, XRP is trading above the important support area of $0.500. To form a bullish wave, the crypto token must successfully break over the resistance at $0.5350.
![CandleFocus XRP-Ripple-crypto-cryptotoken-price](https://images.candlefocus.com/XRP-Price-Analysis:-Momentum-Above-dollar0.50-Necessary-For-Bullish-Wave.jpg)