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XRP Price Could Soon Surge: Can Bulls Fuel the Rally?

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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.

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