XRP price started a significant rise above $0.550 and $0.600. The price is now consolidating the gains and is facing hurdles around the $0.6480 zone.
- XRP price started a strong rally above the $0.550 and $0.580 levels.
- The price is currently trading above $0.600 and the 100-hour simple moving average.
- There is a key contracting triangle forming with resistance at $0.640 on the hourly chart of XRP/USD (data source: Kraken).
- The pair may continue to grow if it breaks the $0.640 resistance zone.
XRP Price Expects Further Growth
The XRP price formed a base above $0.50 and started a significant rise, surpassing Ethereum and Bitcoin. The price was able to overcome the resistance levels of $0.550 and $0.580.
The bulls even raised the price above the resistance of $0.60. The maximum was formed at $0.6473, and now the price is consolidating the growth. There was a move below the level of $0.6120. The price dropped below the Fibonacci retracement level of the 23.6% of the ascending wave from the swing low of $0.4920 to the high of $0.6477.
However, bulls are active around $0.600. It is still trading above $0.600 and the 100-hour simple moving average. On the other hand, the price is facing hurdles around the $0.6280 level.
The first major resistance is near the $0.6380 level. The next key resistance could be $0.640. There is also a key contracting triangle forming on the hourly chart of the XRP/USD pair with resistance at $0.640. A clear move above the $0.640 resistance could send the price towards the $0.6550 resistance.
The next major resistance is around $0.6720. Any further gains could send the price towards the $0.6880 resistance or even $0.700 in the near term.
Another recession?
If XRP fails to break the $0.640 resistance zone, it could be the start of a downward correction. Initial support on the downside is near $0.6080. The next major support is at $0.600.
If there is a break down and a close below $0.600, the price could extend its decline towards support at $0.570 or the 50% Fibonacci retracement level of the up-wave from the swing low at $0.4920 to the high at $0.6477. The next major support is at $0.550.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
The main support levels are $0.6080 and $0.5700.
The main resistance levels are $0.6250 and $0.6400.
