XRP price is trying to break above $0.5920. The price could gain bullish momentum if it breaks through the $0.5920 and $0.600 resistance levels.
- The price of XRP began another increase towards the $0.600 zone.
- The price is currently trading above $0.5780 and the 100-hour simple moving average.
- On the hourly chart, XRP/USD has broken below the bullish trend connector line with support at $0.590 (data source from Kraken).
- The pair could gain bullish momentum if it breaks through the $0.5920 and $0.600 resistance levels.
XRP Price Sees More Opportunity to Rise
XRP price remained well supported above $0.5700 and began a new rise, similar to Bitcoin and Ethereum. The price was able to overcome the resistance levels of $0.580 and $0.5850.
The bulls even pushed the price above the $0.5920 resistance zone. However, they failed to raise the price to $0.60. The high was formed around $0.5941 and there was a recent correction downwards. The price dropped below the support level of $0.5880.
There was a move below the 23.6% Fibonacci retracement level of the upward move from the $0.5622 swing low to $0.5941 swing high. However, bulls are active near the support at $0.5780.
The 50% Fibonacci retracement level of the upward move from the $0.5622 swing low to $0.5941 swing high acts as support. The price is currently trading above $0.5780 and the 100-hour simple moving average. On the other hand, the price may face resistance near the $0.5880 level.
The first major resistance is near the $0.5920 level. The next key resistance could be $0.600. A clear move above the $0.600 resistance could send the price towards the $0.6160 resistance. Any further rise could take the price towards the resistance at $0.6250 or even $0.6350 in the near future.
One more drop?
If XRP fails to break through the $0.5880 resistance zone, it could start another decline. Initial support on the decline lies near the $0.5780 level and the 100-hour simple moving average. The next major support is near the $0.5740 level.
If there is a downside breakout and close below the $0.5740 level, the price may continue to decline towards the $0.5650 support in the near future. The next major support is at $0.560.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
The main support levels are $0.5780 and $0.5740.
The main resistance levels are $0.5920 and $0.6000.
