The XRP price found support near the $0.5600 zone and is currently showing signs of a potential rally. As the price rises, it could aim for a break above the $0.60 resistance zone.
Key Points
- XRP price remained supported near the $0.560 zone.
- The price is now trading above $0.5750 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $0.5750 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.590 and $0.600 resistance levels.
XRP Price Regains Strength
XRP price started a fresh decline from the $0.5985 zone similar to Bitcoin and Ethereum. The price dropped below the $0.5750 support zone, but buying interest remained strong near the $0.560 zone. A low was established at $0.5597, sparking a fresh upward movement that outperformed BTC and ETH.
There was a consistent increase above the $0.570 and $0.5720 resistance levels, breaking the 50% Fib retracement level of the downward move from the $0.5989 swing high to the $0.5597 low. Additionally, a break above a connecting bearish trend line with resistance at $0.5750 was observed on the hourly chart of the XRP/USD pair.
Currently, the price is trading above $0.5750 and the 100-hourly Simple Moving Average. On the upside, the price might encounter resistance near the $0.5890 level, which is close to the 76.4% Fib retracement level of the downward move from the $0.5989 swing high to the $0.5597 low. The first significant resistance is positioned near the $0.590 level.
The next key resistance could be $0.600. A definitive move above the $0.600 resistance might propel the price towards the $0.6120 resistance level. Further significant resistance is seen near the $0.6250 level. Additional gains could drive the price towards the $0.6320 resistance or even $0.6440 in the near term.
Another Decline?
If XRP fails to surpass the $0.590 resistance zone, it could initiate another decline. Initial support on the downside is near the $0.5765 level, with the next major support at $0.5750.
If there is a downside break and a close below the $0.5750 level, the price might continue to decline towards the $0.560 support in the near term. The next major support level is at $0.5420.
Technical Indicators
- Hourly MACD: The MACD for XRP/USD is now gaining pace in the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for XRP/USD is now above the 50 level.
Major Support Levels
- $0.5765
- $0.5600
Major Resistance Levels
- $0.5900
- $0.6000
