Ripple’s native cryptocurrency XRP has been showing some strength recently on the technical chart. At press time, XRP is trading above $0.55 and eyeing its next move to $0.60.
During the previous week, XRP’s price embarked on another endeavor to surpass the $0.600 resistance against the US Dollar. Regrettably, the XRP/USD pair encountered difficulties in surpassing the $0.585 mark, which prompted a corrective move.
This retracement saw the price dip below the $0.572 and $0.565 support levels. However, the bulls remained active, preventing further declines and establishing support around the $0.532 mark.
Notably, a low was reached at approximately $0.5316, and the price is currently consolidating these recent losses. XRP is presently trading above $0.540, and it’s notably positioned above the 55 simple moving average spanning four hours.
The subsequent significant resistance level resides around $0.565 or the 61.8% Fibonacci retracement level from the downward trajectory that extended from the $0.5859 swing high to the $0.5316 low. The primary resistance hurdle is around the $0.565 region, and a decisive breach of this zone could potentially trigger a robust upward surge.
On the downside, the initial support emerges near the $0.5440 level. Furthermore, a crucial bullish trend line is forming, offering support in the vicinity of $0.5440 on the four-hour XRP/USD chart. The subsequent major support is situated around the $0.532 level. Any further downward momentum could drive the price toward the $0.52 level, below which the price might even test the $0.505 support zone in the short term.
There’s currently a buzz of strong rumors circulating regarding a significant partnership, coupled with Uphold’s previous discussions about XRP potentially reaching $1,000, raising questions about their involvement in the aforementioned partnership.
Uphold initially sparked these discussions via X Post, seeking insights from the XRP community about their aspirations and expectations for the future value of XRP. In response, some enthusiastic supporters of XRP expressed their hopes for XRP’s price to exceed the $1,000 mark.
Uphold consistently engaged with these optimistic responses by posing a question: “What actions would you take if XRP were to reach $1,000?” These interactions were Uphold’s way of actively engaging with the XRP community and adding to the excitement surrounding this digital asset.
Uphold’s previous interactions with the XRP community, though part of a broader conversation, hinted at their favorable sentiment toward XRP. The community interpreted these discussions as potential signs of bullish sentiment and an exploration of XRP’s future possibilities.