XRP price gained momentum and managed to clear the $0.600 resistance. The price is 10% higher and now consolidates gains near $0.6450.
- XRP price started a new rise above the $0.600 resistance area.
- The price is now trading above $0.6250 and the 100-hour Simple Moving Average.
- There is a major contract triangle forming with resistance at $0.6500 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair can start a new rise if it clears the resistance levels of $0.6500 and $0.6550.
XRP Price Stays Above $0.60
The price of XRP started a big rise above the $0.60 resistance, beating Bitcoin and Ethereum. The bulls managed to pump the price above the $0.6120 and $0.6250 resistance levels.
It even broke the $0.650 resistance. A high was formed at $0.6642 and the price started a lower correction. There was a move below the $0.6550 and $0.6500 levels. The price tested the 50% Fib retracement level of the upward move from the $0.6082 low to $0.6642 high.
The price is now trading above $0.6250 and the 100-hour Simple Moving Average. On the other hand, the price may face resistance near the $0.650 level. There is also a major contract triangle forming with resistance at $0.6500 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $0.6550 level. The next key resistance would be $0.6640. A clear move above the $0.6640 resistance could send the price to the $0.6850 resistance. Any further gains could send the price towards the $0.700 or even $0.720 resistance in the near term.
Are Dips Supported?
If XRP fails to clear the $0.650 resistance area, it could continue to decline. The first support on the downside is near the $0.6350 level. The next major support is near the $0.6285 level and the 61.8% Fib retracement level of the upward move from the $0.6082 low to $0.6642 high.
If there is a break below and a close below the $0.6285 level, the price may continue to decline to the $0.6120 support in the near term. The next major support remains at $0.600.
Technical References
Hourly MACD – The MACD of XRP/USD is now losing momentum in bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.6350 and $0.6285.
Major Resistance Levels – $0.6500 and $0.6550.