XRP price started rising from the $0.540 area. The price is now rising and targeting an upside breakout above the $0.600 resistance area.
- XRP price started a fresh rally above the $0.580 area.
- The price is now trading above the 0.580 level and the 100-hour simple moving average.
- There is a major bearish triangle forming with support at $0.5880 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may continue to gain upward momentum if it breaks the $0.60 resistance zone.
XRP Price Looks to Rise Further
XRP price held steady above the $0.540 level and started a fresh rally. There was a move above the $0.5650 and $0.5720 resistance levels but it lagged behind Ethereum and Bitcoin.
The price rose above the 50% Fib retracement level of the downward move from the $0.6374 swing high to $0.5404 low. The current price action is positive above the 100-hour simple moving average, but the bulls are now facing resistance near the $0.600 level.
A major contracting triangle is also forming with support at $0.5880 on the hourly chart of the XRP/USD pair. The pair is now trading above the $0.5880 level and the 100-hour simple moving average.
If a fresh upside move occurs, the price could face resistance near the $0.600 level. The first major resistance is near the $0.6150 level. The next major resistance could be at $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 area, it could start declining again. Initial support on the downside is near the $0.5880 level and the lower triangle trend line. The next major support is at $0.5650.
In case of a decline and close below the $0.5650 level, the price may continue to decline towards the $0.540 support level in the near term.
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 $0.5650.
Key resistance levels – $0.6000 and $0.6150.
