The XRP price is trying to make an upside break above $0.600. The price is showing positive signs, but a weekly close above $0.600 is needed for a new increase.
- The XRP price started to rise again towards the $0.6050 zone.
- The price is now trading above USD 0.5880 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $0.590 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if it overcomes the USD 0.5950 and USD 0.600 resistance levels.
XRP price may gain bullish momentum
XRP price remained well supported above $0.5750 and started a new increase, just like Bitcoin and Ethereum. The price was able to break the USD 0.580 and USD 0.5880 resistance levels.
There was a break above a key bearish trendline with resistance at $0.590 on the hourly chart of the XRP/USD pair. The bulls were able to push the price towards the 50% Fib retracement level from the downward move from the $0.6123 swing high to the $0.5784 high at $0.5950.
The price is now trading above USD 0.5880 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the $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 high. 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 resistance at $0.6280 or even $0.6320 in the near term.
Another rejection and drop?
If XRP fails to break the USD 0.600 resistance zone, it could trigger another decline. Initial downside support is near the $0.5880 level and the 100-hourly Simple Moving Average. The next major support is near the $0.580 level.
If there is a downside break and a close below the USD 0.580 level, the price could continue falling towards USD 0.5720 in the near term. The next major support is at $0.5650.
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 $0.5720.
Major resistance levels – $0.5950 and $0.6050.