XRP price is still consolidating above the $0.5785 support. The price needs to overcome the USD 0.5950 and USD 0.6050 resistance levels to gain bullish momentum.
- The XRP price is still trading below the USD 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 trendline with resistance at $0.5865 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if it overcomes the $0.5950 and $0.6050 resistance levels.
XRP Price Eyes Upside Breakout
XRP price remained stable above the USD 0.5780 level and started a decent upward move, just like Bitcoin and Ethereum. The price was able to climb above the USD 0.5850 and USD 0.5880 resistance levels.
There was a break above a major bearish trendline with resistance at $0.5865 on the hourly chart of the XRP/USD pair. The pair climbed above $0.5920, testing the 50% Fib retracement level of the downward move from the $0.6123 swing high to the $0.5784 low.
The price is now trading above $0.590 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 0.5950 level. The first major resistance is around the $0.600 level. The next major 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 resistance at $0.6050 could send the price towards the resistance at $0.6120. Any further gains could send the price towards the near-term resistance at $0.6250 or even $0.6320.
Another drop?
If XRP fails to break the USD 0.5950 resistance zone, it could trigger another decline. The initial downside support is near the $0.5865 level. The next major support is near the $0.5785 level.
If there is a downside break and a close below the $0.5785 level, the price could continue to decline towards $0.5665 in the near term. The next major support is at $0.5500.
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 – $0.5865 and $0.5785.
Major resistance levels – $0.5950 and $0.6050.