XRP price reached an intraday high of $0.5200 before bears pushed it towards $0.4800
The XRP price has increased by over 10% in the past 24 hours, touching an intraday high of $0.5200. Ripple bulls are targeting a higher close on the daily log to consolidate their biggest daily gains since 12 February when the XRP/USD pair surged over 15%.
Currently, the XRP price is hovering at the $0.4820 level. The price is still within the green territory, although buyers have to push above the important $0.5000 level to increase the upside potential.
Contrary to this, fresh selling could push XRP/USD towards a major support territory at $0.3500—$0.3200.
XRP/USD price analysis
XRP/USD broke above a bearish trend line that had capped prices below the $0.4870 on the daily chart. The upside also saw bulls push beyond the immediate supply wall at $0.5000, with the spike consolidating the gains seen above the 100 SMA and 200 SMA.
The technical picture suggests that XRP bulls hold the advantage as long as they remain above the $0.4800 level and the descending trend line.
The RSI supports the above view as it trends with an upsloping trajectory above the half-line at 53. This suggests buyers have the upper hand and new impetus could aid the search for support above $0.5000.
If buy-side pressure helps bulls defend gains around today’s intraday highs, fresh momentum could push XRP towards the $0.5600 zone. From here, buyers can target the region around $0.6400, with further gains likely to clear the path to the year-to-date peak of $0.7550.
But bulls may not prevail because of another bout of widespread profit booking.
If a rejection at the overhead resistance near $0.4900 results in further losses, the XRP price will likely fall to the horizontal support of the descending triangle pattern. This region might provide initial support presented by the 100 SMA ($0.4101).
The bearish view could strengthen if sellers retake short-term control and push XRP/USD to the 200 SMA ($0.3582). The move is likely to attract more sellers and see bulls forced to defend gains near the horizontal support line at $0.3269.