The XRP price is holding steady above $0.5650. To see a new rise soon, it needs to break through the $0.5800 resistance level.
At the time of writing, XRP is trading at $0.5663, up over 0.50% in the last 24 hours. Moreover, XRP was up over 10% in the past week, and the trading volume of XRP is now over 1.391 billion, according to data collected from coinmarketcap.
Although the top cryptocurrency, Bitcoin, is trading at $59,286, up 0.15 in the last day.
XRP faces resistance at $0.5850: Will it spark a rally?
XRP’s price dropped below the $0.550 support level, dipping to $0.5450. After hitting a low of $0.5457, it’s now trying to recover, similar to Bitcoin and Ethereum.
The price has moved back up above $0.5550 and $0.5600, even crossing the 50% Fib retracement of its recent drop from $0.6020 to $0.5457. However, sellers are still holding strong near the $0.58 resistance level.
A key downward trend line is also forming at around $0.570 on the hourly chart, keeping the price below $0.57 and the 100-hour simple moving average.
On the upside, XRP is struggling around the $0.570 mark. The first big challenge is that XRP faces resistance at $0.580, which aligns with the 61.8% Fib retracement from the recent drop from $0.6020 to $0.5457.
If it breaks above $0.5850, the price could head toward $0.6050. The next major resistance is around $0.6200, and if the momentum continues, XRP could reach $0.6320 or even $0.650 in the near future.
Is the XRP price up or down?
If XRP can’t break through the $0.580 resistance, it might start to drop again. The first support level to watch is around $0.5580, with stronger support at $0.5450.
If the price falls below $0.5450, it could keep dropping toward $0.5320, with the next key support at $0.5250.
