XRP price is still consolidating above the $0.5785 support. The price must clear the $0.5950 and $0.6050 resistance levels to gain bullish momentum.
- XRP price is still trading below the $0.600 resistance zone.
- The price is now trading above $0.590 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trend line with resistance at $0.5865 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.5950 and $0.6050 resistance levels.
XRP Price Eyes Upside Break
XRP price remained stable above the $0.5780 level and started a decent upward move like Bitcoin and Ethereum. The price was able to climb above the $0.5850 and $0.5880 resistance levels.
There was a break above a major bearish trend line with resistance at $0.5865 on the hourly chart of the XRP/USD pair. The pair climbed above $0.5920 and tested the 50% Fib retracement level of the downward move from the $0.6123 swing high to the $0.5784 low.
The price is now trading above $0.590 and the 100-hourly Simple Moving Average. On the upside, the price might 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% Fib retracement level of the downward move from the $0.6123 swing high to the $0.5784 low.
A clear move above the $0.6050 resistance might send the price toward the $0.6120 resistance. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term.
Another Decline?
If XRP fails to clear the $0.5950 resistance zone, it could start another decline. Initial support on the downside is near the $0.5865 level. The next major support is near the $0.5785 level.
If there is a downside break and a close below the $0.5785 level, the price might continue to decline toward the $0.5665 support in the near term. The next major support sits at $0.5500.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5865 and $0.5785.
Major Resistance Levels – $0.5950 and $0.6050.
Source: NewsBTC.com
