The price of XRP continues to consolidate above the support level of $0.5785. In order to achieve bullish momentum, it needs to overcome the resistance levels at $0.5950 and $0.6050.
- XRP is still trading below the $0.600 resistance area.
- The price is currently positioned above $0.590 and the 100-hour Simple Moving Average.
- A significant bearish trend line was breached with resistance at $0.5865 on the hourly chart of the XRP/USD pair (data sourced from Kraken).
- The pair could see increased bullish momentum if it surpasses the resistance levels at $0.5950 and $0.6050.
XRP Price Aims for Upside Breakthrough
XRP price has been stable above the $0.5780 mark and has initiated a reasonable upward trend, similar to Bitcoin and Ethereum. The price has successfully risen above the resistance levels of $0.5850 and $0.5880.
A significant bearish trend line with resistance at $0.5865 on the hourly chart of the XRP/USD pair was breached. The pair advanced above $0.5920 and approached the 50% Fibonacci retracement level of the downward movement from the swing high of $0.6123 to the low of $0.5784.
The price is currently trading above $0.590 and the 100-hour Simple Moving Average. On the upside, it may encounter resistance near the $0.5950 level. The primary resistance is positioned around the $0.600 mark, with the next important resistance potentially at $0.6050 or the 76.4% Fibonacci retracement level of the downward move from the $0.6123 swing high to the $0.5784 low.
An explicit move above the $0.6050 resistance might propel the price toward the $0.6120 resistance level. Further gains could lead the price to the $0.6250 resistance or even $0.6320 in the near future.
Potential for Another Decline?
Should XRP fail to breach the $0.5950 resistance zone, it might trigger another downturn. Initial downside support is located around the $0.5865 level, with the next significant support at $0.5785.
A break below and a close under the $0.5785 level could see the price further decline toward the $0.5665 support in the short term. The next major support level is at $0.5500.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5865 and $0.5785.
Major Resistance Levels – $0.5950 and $0.6050.
