The XRP price moves higher above $0.580 again. The price could gain bullish momentum if it crosses the USD 0.5920 and USD 0.600 resistance levels.
- The XRP price remained supported near the $0.5700 zone.
- The price is now trading above USD 0.580 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trendline with resistance at $0.5720 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if it overcomes the $0.5920 and $0.600 resistance levels.
XRP Price Eyes Upside Breakout
The XRP price formed a base above USD 0.5620 and started a new increase, just like Bitcoin and Ethereum. The price was able to break the USD 0.5720 and USD 0.5850 resistance levels.
There was a break above a major bearish trendline with resistance at $0.5720 on the hourly chart of the XRP/USD pair. The bulls even pushed the price above the 61.8% Fib retracement level of the downward move from the $0.5932 swing high to the $0.5622 low.
The price is now trading above USD 0.580 and the 100-hourly Simple Moving Average. The price is now consolidating near the 76.4% Fib retracement level of the downward move from the $0.5932 swing high to the $0.5622 low.
On the upside, the price could encounter resistance near the $0.5880 level. The first major resistance is around the $0.5920 level. The next major resistance could be at USD 0.600. A clear move above the USD 0.600 resistance could send the price towards the USD 0.6160 resistance.
The next major resistance is near the $0.6220 level. Any further gains could send the price towards the near-term resistance at $0.6320 or even $0.6350.
Another drop?
If XRP fails to break the USD 0.5920 resistance zone, it could trigger a fresh decline. Initial downside support is near the $0.580 level and the 100-hourly Simple Moving Average. The next major support is near the $0.5690 level.
If there is a downside break and a close below the USD 0.5690 level, the price could continue falling towards USD 0.5620 in the near term. The next major support is at $0.5550.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – $0.5820 and $0.5790.
Major resistance levels – $0.5920 and $0.6000.
