XRP price is slowly rising above the USD 0.5650 support. The price needs to clear $0.5880 and $0.60 to start a new increase in the near term.
- XRP price is attempting a fresh rise above the USD 0.5650 level.
- The price is now trading near USD 0.5750 and the 100-hour Simple Moving Average.
- A major ascending channel is forming at resistance at $0.5880 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a new rise if it breaks the $0.5880 resistance zone.
XRP price looks fresh
The XRP price remained stable around the $0.550 level and started a new increase, just like Bitcoin and Ethereum. The price was able to climb above the USD 0.5620 and USD 0.5650 resistance levels.
There was a move above the 50% Fib retracement level of the downward move from the $0.6020 swing high to the $0.5455 low. It looks like the bulls might soon attempt an upside break above the USD 0.600 resistance zone. However, the bears are active near the USD 0.5880 resistance zone.
There is also a major ascending channel forming with resistance at $0.5880 on the hourly chart of the XRP/USD pair. The price is now trading near USD 0.5750 and the 100-hour Simple Moving Average.
On the upside, the price is facing hurdles around the $0.5880 level. It is close to the 76.4% Fib retracement level of the downward move from the $0.6020 swing high to the $0.5455 low. The first major resistance is around the $0.60 level.
The next major resistance could be at $0.6020. A clear move above the USD 0.6020 resistance could send the price towards the USD 0.6150 resistance. The next major resistance is near the $0.6250 level. Any further gains could send the price towards the near-term resistance at $0.6320 or even $0.650.
Another drop?
If XRP fails to break the USD 0.5880 resistance zone, it could trigger another decline. The initial downside support is near the USD 0.570 level. The next major support is at USD 0.5650.
If there is a downside break and a close below the $0.5650 level, the price could continue falling towards the $0.550 support. The next major support is at $0.5350.
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 – USD 0.5700 and USD 0.5650.
Major resistance levels – $0.5880 and $0.6000.