The XRP price is showing signs of a potential upside break above $0.600. While the price is currently displaying positive momentum, a weekly close above $0.600 is crucial for a fresh surge.
- XRP price initiated another increase toward the $0.6050 zone.
- The price is now trading above $0.5880 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $0.590 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.5950 and $0.600 resistance levels.
XRP Price Could Gain Bullish Momentum
XRP price remained well-supported above $0.5750 and started a fresh increase similar to Bitcoin and Ethereum. The price managed to clear the $0.580 and $0.5880 resistance levels.
There was a break above a key bearish trend line with resistance at $0.590 on the hourly chart of the XRP/USD pair. The bulls were able to push the price toward the 50% Fib retracement level of the downward move from the $0.6123 swing high to the $0.5784 low, reaching $0.5950.
The price is now trading above $0.5880 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5950 level.
Resistance Levels to Watch
The first major resistance is near the $0.600 level. The next key resistance could be $0.6050 or the 76.4% Fib retracement level of the downward move from the $0.6123 swing high to the $0.5784 low. A clear move above the $0.6050 resistance might send the price toward the $0.6120 resistance. Any more gains could propel the price toward the $0.6280 resistance or even $0.6320 in the near term.
Another Rejection and Drop?
If XRP fails to clear the $0.600 resistance zone, it could start another decline. Initial support on the downside is near the $0.5880 level and the 100-hourly Simple Moving Average. The next major support is near the $0.580 level.
If there is a downside break and a close below the $0.580 level, the price might continue to decline toward the $0.5720 support in the near term. The next major support sits at $0.5650.
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: $0.5880 and $0.5720.
Major Resistance Levels: $0.5950 and $0.6050.
