XRP Price Heads Up: Will the Gains Continue?

XRP price started a fresh rally from the $0.540 zone. The price is now rising and looking to break out higher above the $0.600 resistance zone.

XRP price started a recent escalate above the $0.580 zone.
The price is currently holding above $0.580 and the 100-hour uncomplicated moving average.
A key contracting triangle is forming on the hourly chart of the XRP/USD currency pair with support at $0.5880 (data source: Kraken).
The pair may continue its upward momentum if it breaks through the resistance zone at USD 0.60.

XRP price has a greater chance of rising

XRP price remained stable above the $0.540 level and started a recent uptrend. It saw a move above the $0.5650 and $0.5720 resistance levels but lagged behind Ethereum and Bitcoin.

The price has risen above the 50% Fibonacci retracement level of the downward move from the $0.6374 high to $0.5404 low. The current price action is positive above the 100-hour uncomplicated moving average, but bulls are now encountering resistance near the $0.600 level.

The XRP/USD hourly chart is also seeing a key contracting triangle forming with support at $0.5880. The pair is currently trading above $0.5880 and the 100-hour uncomplicated moving average.

If there is a fresh move up, the price could face resistance near the $0.600 level. The first major resistance is near the $0.6150 level. The next key resistance could be $0.6370. A clear move above the $0.6370 resistance could take the price towards the $0.650 resistance. The next major resistance is near the $0.6665 level. Any further gains could take the price towards the $0.680 resistance.

Another drop?

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 lower triangle trendline. The next major support is at $0.5650.

If the downtrend is broken and a close below the $0.5650 level occurs, the price could continue to decline towards the support at $0.540 in the near future.

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 0.5650.

Major resistance levels – USD 0.6000 and USD 0.6150.