XRP price is holding gains above the $0.5920 zone. The price could gain bullish momentum if it crosses the USD 0.6120 resistance level.
- XRP price is consolidating gains below the USD 0.6120 resistance zone.
- The price is now trading near USD 0.6050 and the 100-hour Simple Moving Average.
- A major contracting triangle is forming with resistance at $0.6120 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start to rise again if it remains above the $0.5920 support zone.
XRP price looks fresh
XRP price held steady above the $0.580 support zone. It was trading as low as $0.5846 and recently started an upward move. There was a clear move above the $0.600 resistance zone, but like Bitcoin and Ethereum, it lagged the momentum.
There was a move above the 50% Fib retracement level of the downward move from the $0.6257 swing high to the $0.5846 low. It is now trading near $0.6050 and the 100-hour Simple Moving Average.
If there are more upsides, the price may encounter resistance near the $0.6120 level. There is also a major contracting triangle forming with resistance at $0.6120 on the hourly chart of the XRP/USD pair. The mentioned triangle resistance is close to the 61.8% Fib retracement level of the downward move from the $0.6257 swing high to the $0.5846 low.
The first major resistance is around the $0.6250 level. The next major resistance could be $0.6320. A clear move above the resistance at $0.6320 could send the price towards the resistance at $0.6450. The next major resistance is around the $0.6550 level. Any further gains could send the price towards the USD 0.680 resistance.
Another drop?
If XRP fails to break the USD 0.6120 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.6020 level. The next major support is at $0.5920 and in the trendline zone of the triangle.
If there is a downside break and a close below the USD 0.5920 level, the price could continue falling towards USD 0.580 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 close to the 50 level.
Major support levels – USD 0.5920 and USD 0.5800.
Major resistance levels – $0.6120 and $0.6250.