The XRP price started a new increase from the $0.540 zone. The price is now rising and expects an upside break above the USD 0.600 resistance zone.
- The XRP price started a new increase above the $0.580 zone.
- The price is now trading above USD 0.580 and the 100-hourly Simple Moving Average.
- A major contracting triangle is forming with support at $0.5880 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could increase its bullish momentum if it breaks the $0.60 resistance zone.
XRP price has more advantages
XRP price remained stable above the USD 0.540 level and started a new increase. There was a move above the $0.5650 and $0.5720 resistance levels but lagged behind Ethereum and Bitcoin.
The price climbed above the 50% Fib retracement level of the downward move from the $0.6374 swing high to the $0.5404 low. Current price action is positive above the 100-hour Simple Moving Average, but the bulls are now facing resistance around the $0.600 level.
A major contracting triangle is also forming with support at $0.5880 on the hourly chart of the XRP/USD pair. The pair is now trading above $0.5880 and the 100-hour Simple Moving Average.
If a new upward move occurs, the price may encounter resistance near the $0.600 level. The first major resistance is around the $0.6150 level. The next major resistance could be at $0.6370. A clear move above the USD 0.6370 resistance could send the price towards the USD 0.650 resistance. The next major resistance is near the $0.6665 level. Any further gains could send the price towards the USD 0.680 resistance.
Another drop?
If XRP fails to break the USD 0.600 resistance zone, it could trigger another decline. The initial downside support is near the $0.5880 level and the lower trendline of the triangle. 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 $0.540 support in the near term.
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 – $0.5880 and $0.5650.
Major resistance levels – $0.6000 and $0.6150.