XRP price is trying to break above $0.600. The price is showing positive signs, but a weekly close above $0.600 is needed to make a new high.
- XRP price started another rise towards the $0.6050 area.
- The price is now trading above the 0.5880 level and the 100-hour simple moving average.
- There was a break above a major bearish trend line with resistance at $0.590 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may gain upward momentum if it surpasses the $0.5950 and $0.600 resistance levels.
XRP price may gain bullish momentum
XRP price remained well supported above the $0.5750 level and started a fresh rally like Bitcoin and Ethereum. The price managed to surpass the $0.580 and $0.5880 resistance levels.
There was a break above a major bearish trend line 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 of the downside move from the $0.6123 swing high to $0.5784 high at $0.5950.
The price is now trading above the $0.5880 level and the 100-hour simple moving average. On the upside, the price could face resistance near the $0.5950 level.
The first major resistance is near the $0.600 level. The next major resistance could be at $0.6050 or the 76.4% Fib retracement level of the downside move from the $0.6123 swing high to $0.5784 high. A clear move above the $0.6050 resistance could send the price towards the $0.6120 resistance. Any further gains could send the price towards the $0.6280 resistance or even $0.6320 resistance in the near term.
Another rejection and drop?
If XRP fails to clear the $0.600 resistance area, it could start declining again. Initial support on the downside is near the $0.5880 level and the 100-hour simple moving average. The next major support is near the $0.580 level.
If there is a bearish break and the price closes at $0.580, the price could continue to decline towards the $0.5720 support level in the near term. The next major support level is at $0.5650.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.5880 and $0.5720.
Key resistance levels – $0.5950 and $0.6050.