The XRP price has gained momentum, successfully overcoming the $0.600 resistance mark. Currently, the price is up more than 10% and is stabilizing around $0.6450.
- The XRP price initiated a new upward trend above the $0.600 resistance area.
- It is now trading above $0.6250, comfortably above the 100-hourly Simple Moving Average.
- A significant contracting triangle is emerging, with resistance at $0.6500 on the hourly chart for the XRP/USD pair (data sourced from Kraken).
- Should the pair clear the $0.6500 and $0.6550 resistance levels, a new rally could be on the horizon.
XRP Price Stabilizes Above $0.60
The XRP price has begun a substantial rise above the $0.60 resistance, outpacing Bitcoin and Ethereum. The bullish momentum has pushed the price above the $0.6120 and $0.6250 resistance levels.
The price even surpassed the $0.650 resistance, reaching a peak at $0.6642 before entering a corrective phase. This correction saw the price move below the $0.6550 and $0.6500 levels, testing the 50% Fibonacci retracement level from the upward move of $0.6082 to $0.6642.
The price is currently trading above $0.6250 and the 100-hourly Simple Moving Average. On the upside, it may encounter resistance around the $0.650 level, with a significant contracting triangle forming that shows resistance at $0.6500 on the hourly XRP/USD chart.
The first important resistance level to watch is near $0.6550, followed by $0.6640. A decisive move above the $0.6640 resistance might propel the price toward $0.6850. Further gains could lead the price to challenge resistance levels of $0.700 or potentially $0.720 in the short term.
Are Dips Being Supported?
If XRP struggles to break through the $0.650 resistance region, it may continue to slide downwards. The initial support on the downside is close to the $0.6350 level, with the next major support zone near $0.6285, coinciding with the 61.8% Fibonacci retracement of the rise from $0.6082 to $0.6642.
A significant downside breach and a close below the $0.6285 level could lead to further declines towards the $0.6120 support level in the near term, with the next major support situated at $0.600.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently losing strength within the bullish range.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD remains above the 50 threshold.
Major Support Levels – $0.6350 and $0.6285.
Major Resistance Levels – $0.6500 and $0.6550.
