XRP price is currently consolidating above the $0.5785 support level. For the price to gain bullish momentum, it needs to clear the $0.5950 and $0.6050 resistance levels. Below are some key points regarding the current XRP price trend:
- XRP price is still trading below the $0.600 resistance zone.
- The price is now trading above $0.590 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trend line with resistance at $0.5865 on the hourly chart of the XRP/USD pair, according to data from Kraken.
- The pair could gain bullish momentum if it clears the $0.5950 and $0.6050 resistance levels.
XRP Price Eyes Upside Break
XRP price has remained stable above the $0.5780 level and has started a decent upward movement similar to Bitcoin and Ethereum. The price managed to climb above the $0.5850 and $0.5880 resistance levels.
There was a break above a major bearish trend line with resistance at $0.5865 on the hourly chart of the XRP/USD pair. Following this, the pair climbed above $0.5920 and tested the 50% Fibonacci retracement level of the downward move from the $0.6123 swing high to the $0.5784 low.
Currently, the price is trading above $0.590 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5950 level. The first major resistance is near the $0.600 level, followed by the next key resistance at $0.6050, which aligns with the 76.4% Fibonacci retracement level of the downward move from the $0.6123 swing high to the $0.5784 low.
If the price manages to move clearly above the $0.6050 resistance, it could target the $0.6120 resistance level. Further gains might propel the price toward the $0.6250 resistance or even $0.6320 in the near term.
Potential for Another Decline?
If XRP fails to clear the $0.5950 resistance zone, another decline could be on the horizon. Initial support on the downside is near the $0.5865 level, with the next major support at the $0.5785 level.
If there is a downside break and a close below the $0.5785 level, the price might continue to decline toward the $0.5665 support in the near term. The next major support level sits at $0.5500, which could act as a crucial level to watch for further declines.
Technical Indicators
Hourly MACD
The MACD for XRP/USD is now gaining pace in the bullish zone, indicating potential upward momentum.
Hourly RSI (Relative Strength Index)
The RSI for XRP/USD is currently above the 50 level, suggesting that the market is in a somewhat bullish phase.
Major Support Levels
The immediate support levels to watch are $0.5865 and $0.5785.
Major Resistance Levels
The key resistance levels to monitor are $0.5950 and $0.6050.
