XRP price found support near the $0.5600 zone. The price is rising again and could aim for a break above the $0.60 resistance zone.
- The XRP price remained supported near the $0.560 zone.
- The price is now trading above USD 0.5750 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $0.5750 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if it overcomes the USD 0.590 and USD 0.600 resistance levels.
XRP price regains strength
The XRP price started a new decline from the $0.5985 zone, like Bitcoin and Ethereum. The price fell below the $0.5750 support zone, but the bulls were active near the $0.560 zone.
A low was formed at $0.5597 and the price started a new upward move, beating BTC and ETH. There was a steady rise above the USD 0.570 and USD 0.5720 resistance levels. It cleared the 50% Fib retracement level of the downward move from the $0.5989 swing high to the $0.5597 low.
There was a break above a connecting bearish trendline with resistance at $0.5750 on the hourly chart of the XRP/USD pair. The price is now trading above USD 0.5750 and the 100-hourly Simple Moving Average.
On the upside, the price could encounter resistance near the USD 0.5890 level. It is close to the 76.4% Fib retracement level of the downward move from the $0.5989 swing high to the $0.5597 low. The first major resistance is around the $0.590 level.
The next major resistance could be at USD 0.600. A clear move above the USD 0.600 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 near-term resistance at $0.6320 or even $0.6440.
Another drop?
If XRP fails to break the USD 0.590 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.5765 level. The next major support is at USD 0.5750.
If there is a downside break and a close below the USD 0.5750 level, the price could continue falling towards USD 0.560 in the near term. The next major support is at $0.5420.
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 – $0.5765 and $0.5600.
Major resistance levels – $0.5900 and $0.6000.
