XRP price is trying to break above $0.600. The price is showing positive signs, but a weekly close above $0.600 is needed for a new surge.
- The price of XRP began another increase towards the $0.6050 zone.
- The price is currently trading above $0.5880 and the 100-hour simple moving average.
- On the hourly chart, XRP/USD broke above a key bearish trend line with resistance at $0.590 (data source from Kraken).
- The pair could gain bullish momentum if it breaks through the $0.5950 and $0.600 resistance levels.
XRP Price Could Get Bullish Momentum
XRP price remained well supported above $0.5750 and began a new rise, similar to Bitcoin and Ethereum. The price was able to overcome the resistance levels of $0.580 and $0.5880.
On the hourly chart, XRP/USD broke above a key bearish trend line with resistance at $0.590. Bulls were able to push the price to the 50% Fibonacci retracement level of the downward move from the $0.6123 swing high to the $0.5784 high at $0.5950.
The price is currently trading above $0.5880 and the 100-hour simple moving average. On the other hand, the price may face resistance near the $0.5950 level.
The first major resistance is near the $0.600 level. The next key resistance could be $0.6050 or the 76.4% Fibonacci retracement level of the downward 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. Further growth could take the price towards the resistance at $0.6280 or even $0.6320 in the near future.
Another rejection and failure?
If XRP fails to break through the $0.600 resistance zone, it could start another decline. Initial support on the decline lies 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 downside breakout and close below the $0.580 level, the price could continue to decline towards the $0.5720 support in the near future. The next major support is at $0.5650.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
The main support levels are $0.5880 and $0.5720.
The main resistance levels are $0.5950 and $0.6050.
