XRP price is trying to break above $0.600. The price is showing positive signals, but a weekly close above $0.600 is needed for a modern boost.
- The XRP price started another boost towards the USD 0.6050 zone.
- The price is currently holding above $0.5880 and the 100-hour plain moving average.
- On the hourly chart of the XRP/USD pair, there was a breakout of a key downtrend line with resistance at $0.590 (data source: Kraken).
- The pair may gain upward momentum if it breaks through the resistance levels of USD 0.5950 and USD 0.600.
XRP price may gain bullish momentum
XRP price remained well supported above $0.5750 and started a modern uptrend, similar to Bitcoin and Ethereum. The price was able to break through the $0.580 and $0.5880 resistance levels.
On the hourly chart of the XRP/USD pair, there was a break of a key bearish trendline with resistance at $0.590. The bulls managed to push the price towards the 50% Fibonacci retracement level of the downward move from the fluctuation high of $0.6123 to the high of $0.5784 at $0.5950.
The price is now trading above $0.5880 and the 100-hour plain moving average. On the other hand, the price could 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% Fibonacci retracement level of the downward move from the $0.6123 swing high to the $0.5784 peak. A clear move above the $0.6050 resistance could send the price towards the $0.6120 resistance. Any further gains could send the price towards the $0.6280 resistance or even $0.6320 in the near term.
Another rejection and relegation?
If XRP fails to break through the $0.600 resistance zone, it could begin another decline. Initial support on the downside is near the $0.5880 level and the 100-hour plain moving average. The next major support is near the $0.580 level.
If it breaks and closes below $0.580, the price could continue to decline towards the $0.5720 support in the near future. The next major support is at $0.5650.
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 above the 50 level.
Major support levels – USD 0.5880 and USD 0.5720.
Major resistance levels – USD 0.5950 and USD 0.6050.
