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 started another rise towards the $0.6050 area.
- The price is now trading above $0.5880 and the 100-hour Simple Moving Average.
- There was a break above the main bearish line with resistance at $0.590 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair can find bullish momentum if it clears the resistance levels of $0.5950 and $0.600.
XRP Price May Gain Bullish Momentum
XRP price remained well supported above $0.5750 and started new highs like Bitcoin and Ethereum. The price managed to clear the resistance levels of $0.580 and $0.5880.
There was a break above the main bearish line with resistance at $0.590 on the hourly chart of the XRP/USD pair. The bulls managed to push the price towards the 50% Fib retracement level of the downside from $0.6123 swing high to $0.5784 high at $0.5950.
The price is now 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 would be $0.6050 or the 76.4% Fib retracement level to the downside from the $0.6123 swing high to the $0.5784 high. A clear move above the $0.6050 resistance could send the price to the $0.6120 resistance. Any further gains could send the price towards resistance at $0.6280 or even $0.6320 in the near term.
Another Rejection and Abandonment?
If XRP fails to clear the $0.600 resistance area, it could start another decline. The first support on the downside is 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 break below and a close below the $0.580 level, the price may continue to decline to the $0.5720 support in the near term. The next major support remains at $0.5650.
Technical References
Hourly MACD – The MACD of XRP/USD is now gaining momentum in bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5880 and $0.5720.
Major Resistance Levels – $0.5950 and $0.6050.