XRP price is trying to make a fresh high above the $0.600 area. The price may gain bullish momentum if it surpasses the $0.6200 resistance level.
- XRP price is showing positive signals from the $0.600 support zone.
- The price is now trading above the 0.6050 level and the 100-hour simple moving average.
- There was a break above a major contracting triangle with resistance at $0.6050 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may gain upward momentum if it stays above the $0.5940 support zone.
XRP Price Could Rally Towards $0.650
XRP price held steady above the $0.5920 support area. A base has been formed and the price has recently started moving higher above $0.600. There was a clear move above the $0.6020 resistance area, but it lagged behind the momentum like Bitcoin and Ethereum.
There was a break above a major contracting triangle with resistance at $0.6050 on the hourly chart of the XRP/USD pair. The pair is now testing the 50% Fib retracement level of the downside move from the $0.6321 swing high to $0.5827 swing low.
It is currently trading above $0.6050 and the 100-hour simple moving average. If there are further upsides, the price could face resistance near the $0.6135 level. The first major resistance is near the $0.6200 level or the 76.4% Fib retracement level of the downside move from the $0.6321 swing high to $0.5827 swing low.
The next major resistance could be at $0.6320. A clear move above the $0.6320 resistance could take the price towards the $0.6465 resistance. The next major resistance is near the $0.6500 level. Any further gains could take the price towards the $0.6750 resistance.
Another dip?
If XRP fails to clear the $0.6200 resistance area, it could start declining again. The initial support on the downside is near the $0.600 level. The next major support is at $0.5940 and the triangle trend line area.
If there is a bearish break and close below $0.5940, the price could continue to decline towards the $0.5820 support level in the near term. The next major support level is at $0.5750.
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 approaching the 50 level.
Key support levels – $0.6000 and $0.5940.
Key resistance levels – $0.6075 and $0.6200.
