XRP price is consolidating gains above the USD 0.5550 level. The price could gain bullish momentum if it crosses the USD 0.580 resistance zone.
- The XRP price is eyeing a fresh increase from the $0.5620 level.
- The price is now trading above USD 0.5680 and the 100-hourly Simple Moving Average.
- A major ascending channel is forming with support at $0.5630 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a new rise if it breaks the $0.580 resistance zone.
XRP price holds uptrend support
The XRP price remained stable around the $0.5550 level and tried to make more profits. It formed a base and started a new rise by beating Bitcoin and Ethereum. There was a move above the USD 0.5650 resistance zone.
There was a move above the 50% Fib retracement level of the downward move from the $0.5760 swing high to the $0.5614 swing low. The price is now showing positive signs and rising towards the resistance at $0.5750. It is also trading above USD 0.5680 and the 100-hourly Simple Moving Average.
Moreover, a major ascending channel is forming with support at $0.5630 on the hourly chart of the XRP/USD pair. On the upside, the price is facing hurdles around the $0.5725 level. It is close to the 76.4% Fib retracement level of the downward move from the $0.5760 swing high to the $0.5614 swing low.
The first major resistance is around the $0.5750 level. The next major resistance could be at USD 0.580. A clear move above the USD 0.580 resistance could send the price towards the USD 0.6120 resistance. The next major resistance is near the $0.6250 level. Any further gains could send the price towards the short-term resistance at $0.6350 or even $0.650.
Another drop?
If XRP fails to break the USD 0.5750 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.5640 level. The next major support is $0.5620.
If there is a downside break and a close below the $0.5620 level, the price could continue falling towards the $0.5550 support in the near term. 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 – $0.5620 and $0.5550.
Major resistance levels – $0.5750 and $0.5800.