XRP Price Is Steady on Rise: Will the Uptrend Be Sustained?

XRP price is consolidating gains above the $0.5850 level. The price could start a substantial rally if it breaks through the $0.6150 resistance zone.

XRP price is heading towards a rebound from the $0.5850 level.
The price is currently holding above $0.5980 and the 100-hour plain moving average.
On the hourly chart of the XRP/USD pair, a connecting uptrend line is forming with support at $0.600 (data source: Kraken).
The pair could start a novel uptrend if it breaks through the resistance zone at USD 0.6150.

XRP price is heading up

XRP price formed a base above the $0.5850 level. The price started to rise steadily above the $0.5880 and $0.5920 levels, similar to Bitcoin and Ethereum.

A bullish continuation pattern is forming from $0.5850. Price has gained momentum to cross above the 50% Fibonacci retracement level of the downward move from the $0.6149 high to $0.5853 low. Price is now trading above $0.5980 and the 100-hour plain moving average.

There is also a connecting bullish trendline forming with the support at $0.600 on the hourly chart of the XRP/USD pair. If the uptrend continues, the price could face obstacles near the $0.6050 level.

The 61.8% Fibonacci retracement level of the downside move from the $0.6149 high to $0.5853 low is also near $0.6050. The first major resistance is near $0.6080. The next key resistance could be $0.6150.

A clear move above the $0.6150 resistance could take the price towards the $0.6220 resistance. The next major resistance is near the $0.6350 level. Any further gains could take the price towards the $0.6550 resistance or even $0.6880 in the near future.

Another withdrawal?

If XRP fails to break through the $0.6050 resistance zone, it could begin a short-term pullback. Initial support on the downside is near the $0.600 level. The next major support is at $0.5880.

If it breaks and closes below $0.5880, the price could continue to decline towards the $0.5650 support in the near future. The next major support is at $0.5550.

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 0.600 and USD 0.5850.

Major resistance levels – USD 0.6050 and USD 0.6220.