XRP price found support near the $0.5600 area. The price is rising again and it may target a breakout of the $0.60 resistance area.
- XRP price remained supported near the $0.560 area.
- The price is now trading above the 0.5750 level and the 100-hour simple moving average.
- There was a break above the bearish trend line connecting the resistance at $0.5750 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may gain upward momentum if it surpasses the $0.590 and $0.600 resistance levels.
XRP price regains strength
XRP price started to decline from the $0.5985 area like Bitcoin and Ethereum. The price dropped below the $0.5750 support area, but the bulls were active near the $0.560 area.
A low was formed at $0.5597 and the price started a fresh upside move, beating BTC and ETH. There was a steady rise above the $0.570 and $0.5720 resistance levels. It surpassed the 50% Fib retracement level of the downside move from the $0.5989 swing high to $0.5597 swing low.
There was a break above the bearish trend line connected to the resistance at $0.5750 on the hourly chart of the XRP/USD pair. The price is now trading above $0.5750 and the 100-hour simple moving average.
On the upside, the price could face resistance near the $0.5890 level. It is close to the 76.4% Fib retracement level of the downside move from the $0.5989 swing high to $0.5597 low. The first major resistance is near the $0.590 level.
The next major resistance could be at $0.600. A clear move above the $0.600 resistance could take the price towards the $0.6120 resistance. The next major resistance is near the $0.6250 level. Any further gains could take the price towards the $0.6320 or even $0.6440 resistance in the near term.
Another downturn?
If XRP fails to break above the $0.590 resistance area, it could start declining again. The initial support on the downside is near the $0.5765 level. The next major support is at $0.5750.
If there is a bearish break and the price closes below the $0.5750 level, the price could continue to decline towards the $0.560 support level in the near term. The next major support level is at $0.5420.
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 – $0.5765 and $0.5600.
Key resistance levels – $0.5900 and $0.6000.