XRP price is trying to rise again from the $0.5785 support zone. The price may gain bullish momentum if it breaks the $0.60 resistance.
- XRP price is preparing for a new rise from $0.5785.
- The price is currently trading below $0.600 and the 100-hour simple moving average.
- The hourly chart of XRP/USD (data source: Kraken) shows a breakout of the connecting bearish trend line with resistance at $0.590.
- The pair may gain momentum if it breaks the resistance levels of $0.600 and $0.6050.
XRP Price Seeks Steady Growth
The XRP price continued its decline below the $0.5920 support. It tested the $0.5785 zone. The minimum was formed at $0.5788, and now the price is trying to rise again, unlike Bitcoin and Ethereum.
There was a move above the $0.5850 and $0.5880 levels. The price broke the 23.6% Fib retracement level of the downward move from the swing high of $0.6306 to the low of $0.5788. There was also a break above the connecting bearish trend line with resistance at $0.590 on the hourly chart of the XRP/USD pair.
The price is still trading below $0.600 and the 100-hour simple moving average. On the other hand, the price may face resistance near the $0.600 level. The first serious resistance is near the $0.6020 level.
The next key resistance could be $0.6050 or the 50% Fibonacci retracement level of the downward move from the $0.6306 swing high to the $0.5788 low. A clear move above the $0.6050 resistance could send the price towards the $0.6160 resistance.
The next major resistance is around $0.6250. Any further gains could send the price towards the $0.6350 resistance or even $0.650 in the near term.
Another recession?
If XRP fails to break the $0.60 resistance zone, it could lead to a fresh decline. Initial support on the downside is near $0.5850. The next major support is at $0.5785.
If there is a break down and a close below $0.5785, the price could continue to decline towards the $0.550 support in the near term. The next major support is at $0.5320.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
The main support levels are $0.5850 and $0.5785.
The main resistance levels are $0.6000 and $0.6050.
