XRP price is once again on the rise, trading above the $0.580 mark. The price could experience a significant bullish momentum if it successfully breaks through the $0.5920 and $0.600 resistance levels.
- XRP price has found support near the $0.5700 zone.
- The price is currently trading above $0.580 and the 100-hourly Simple Moving Average.
- A break above a major bearish trend line with resistance at $0.5720 has been observed on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.5920 and $0.600 resistance levels.
XRP Price Eyes Upside Break
XRP price established a base above $0.5620 and began a fresh increase, similar to Bitcoin and Ethereum. This upward movement allowed the price to surpass the $0.5720 and $0.5850 resistance levels.
There was a notable break above a significant bearish trend line with resistance at $0.5720 on the hourly chart of the XRP/USD pair. The bulls managed to push the price above the 61.8% Fibonacci retracement level from the $0.5932 swing high to the $0.5622 low.
The price is now trading above $0.580 and the 100-hourly Simple Moving Average, consolidating near the 76.4% Fibonacci retracement level of the downward move from the $0.5932 swing high to the $0.5622 low.
On the upside, the price might face resistance near the $0.5880 level. The first major resistance is at the $0.5920 level, followed by the next key resistance at $0.600. A clear move above the $0.600 resistance could propel the price toward the $0.6160 resistance.
The subsequent major resistance is near the $0.6220 level. Further gains might drive the price toward the $0.6320 or even $0.6350 in the near term.
Resistance Levels to Watch
- $0.5880
- $0.5920
- $0.6000
- $0.6160
- $0.6220
- $0.6320
- $0.6350
Another Decline?
If XRP fails to break through the $0.5920 resistance zone, it could initiate another decline. The initial support on the downside is near the $0.580 level and the 100-hourly Simple Moving Average. The next significant support is at the $0.5690 level.
If a downside break occurs and the price closes below the $0.5690 level, the decline might continue toward the $0.5620 support in the near term. The next major support is positioned at $0.5550.
Support Levels to Watch
- $0.5820
- $0.5790
- $0.5690
- $0.5620
- $0.5550
Technical Indicators
- Hourly MACD – The MACD for XRP/USD is gaining pace in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
