XRP price is still rallying above the $0.5785 support. The price should clear the resistance levels of $0.5950 and $0.6050 to gain momentum.
- XRP price is still trading below the $0.600 resistance area.
- The price is now trading above $0.590 and the 100-hour Simple Moving Average.
- There was a break above the bearish support line against $0.5865 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair can gain bullish momentum if it clears the resistance levels of $0.5950 and $0.6050.
XRP Price Eyes Upside Break
The price of XRP remained stable above the level of $0.5780 and started a decent rise like Bitcoin and Ethereum. The price managed to rise above the $0.5850 and $0.5880 resistance levels.
There was a break above the bearish support line against $0.5865 on the hourly chart of the XRP/USD pair. The pair rose above $0.5920 and tested the 50% Fib retracement level to the downside from the $0.6123 high to $0.5784 low.
The price is now trading above $0.590 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 low.
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 $0.6250 or even $0.6320 in the near term.
Another Rejection?
If XRP fails to clear the $0.5950 resistance area, it could start another decline. The first support on the downside is near the $0.5865 level. The next major support is near the $0.5785 level.
If there is a lower break and close below the $0.5785 level, the price may continue to decline to the $0.5665 support in the near term. The next major support remains at $0.5500.
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 – $0.5865 and $0.5785.
Major Resistance Levels – $0.5950 and $0.6050.