XRP price started a fresh increase from the $0.540 zone. The price is now moving higher and aiming for a break above the $0.600 resistance zone.
- XRP price started a fresh increase above the $0.580 zone.
- The price is now trading above $0.580 and the 100 hourly simple moving average.
- There is a key contracting triangle forming with support at $0.5880 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could extend the bullish momentum gain if it breaks above the $0.60 resistance zone.
XRP Price Aims for More Upside
XRP price remained stable above the $0.540 level and started a fresh increase. There was a move above the $0.5650 and $0.5720 resistance levels but it fell behind Ethereum It is Bitcoin.
The price climbed above the 50% Fib retracement level of the downward move from the $0.6374 high to $0.5404 low. The current price action is positive above the 100 hourly simple moving average, but the bulls are now facing resistance near the $0.600 level.
There is also a key contracting triangle 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 hourly simple moving average.
If there is a fresh upward move, the price could face resistance near the $0.600 level. The first major resistance is near the $0.6150 level. The next key resistance could be $0.6370. A clear move above the $0.6370 resistance could send the price towards the $0.650 resistance. The next major resistance is near the $0.6665 level. Any further gains could send the price towards the $0.680 resistance.
Another drop?
If XRP fails to break above the $0.600 resistance zone, it could start another decline. The initial support on the downside is near the $0.5880 level and the lower trendline of the triangle. The next major support is at $0.5650.
If there is a downside break and 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 pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key Support Levels – $0.5880 and $0.5650.
Key Resistance Levels – $0.6000 and $0.6150.