XRP price is attempting an upside break above $0.5920. The price could gain bullish momentum if it clears the $0.5920 and $0.600 resistance levels.
- XRP price started another increase toward the $0.600 zone.
- The price is now trading above $0.5780 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trend line with support at $0.590 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.5920 and $0.600 resistance levels.
XRP Price Eyes More Upsides
XRP price remained well-supported above $0.5700 and started a fresh increase like Bitcoin and Ethereum. The price was able to clear the $0.580 and $0.5850 resistance levels.
The bulls even pushed the price above the $0.5920 resistance zone. However, they failed to push the price toward $0.60. A high was formed near $0.5941 and recently there was a downside correction. The price dipped below the $0.5880 support level.
There was a move below the 23.6% Fib retracement level of the upward move from the $0.5622 swing low to the $0.5941 high. However, the bulls are active near the $0.5780 support.
The 50% Fib retracement level of the upward move from the $0.5622 swing low to the $0.5941 high is acting as a support. The price is now trading above $0.5780 and the 100-hourly Simple Moving Average. On the upside, the price might 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 might send the price toward the $0.6160 resistance. Any more gains might send the price toward the $0.6250 resistance or even $0.6350 in the near term.
Another Drop?
If XRP fails to clear the $0.5880 resistance zone, it could start another decline. Initial support on the downside is near the $0.5780 level and the 100-hourly Simple Moving Average. The next major support is near the $0.5740 level.
If there is a downside break and a close below the $0.5740 level, the price might continue to decline toward the $0.5650 support in the near term. The next major support sits at $0.560.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5780 and $0.5740.
Major Resistance Levels – $0.5920 and $0.6000.
Source: NewsBTC.com
