XRP Price Breakout Tips: Can It Hit Up-to-date Highs?

XRP price is attempting a recent uptrend above the $0.600 zone. The price could gain bullish momentum if it breaks through the $0.6200 resistance level.

XRP price is showing positive signs from the support zone at $0.600.
The price is currently holding above $0.6050 and the 100-hour basic moving average.
On the hourly chart of the XRP/USD currency pair, there was a breakout of a key contracting triangle with resistance at $0.6050 (data source: Kraken).
The pair could gain some upside momentum if it stays above the support zone at USD 0.5940.

XRP price may rise towards $0.650

XRP price remained stable above the $0.5920 support zone. A base was formed and the price recently started an uptrend above $0.600. It clearly broke above the $0.6020 resistance zone but lagged behind the momentum, similar to Bitcoin and Ethereum.

The hourly chart of the XRP/USD pair saw a breakout of a key contracting triangle with resistance at $0.6050. The pair is currently testing the 50% Fibonacci retracement level of the downward move from the $0.6321 high to the $0.5827 low.

Currently trading above $0.6050 and the 100-hour basic moving average. If there is more upside, the price could find resistance near the $0.6135 level. The first major resistance is near the $0.6200 level or the 76.4% Fibonacci retracement level of the downside from the $0.6321 high to $0.5827 low.

The next key resistance could be $0.6320. A clear move above the $0.6320 resistance could take the price towards the $0.6465 resistance. The next major resistance is near the $0.6500 level. Any further gains could take the price towards the $0.6750 resistance.

Another withdrawal?

If XRP fails to break through the $0.6200 resistance zone, it could begin another decline. Initial support on the downside is near the $0.600 level. The next major support is at $0.5940 and the triangle trendline zone.

If it breaks and closes below $0.5940, the price could continue to decline towards the $0.5820 support in the near future. The next major support is at $0.5750.

Technical indicators

Hourly MACD – The MACD for the XRP/USD pair is currently gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for the XRP/USD pair is currently approaching the 50 level.

Major support levels – USD 0.6000 and USD 0.5940.

Major resistance levels – USD 0.6075 and USD 0.6200.