XRP price remains in a range: will it manage to escape consolidation?

XRP price continues to consolidate above the $0.5785 support. Price needs to break through the $0.5950 and $0.6050 resistance levels to gain bullish momentum.

XRP price continues to hover below the $0.600 resistance zone.
The price is currently holding above $0.590 and the 100-hour elementary moving average.
On the hourly chart of the XRP/USD currency pair, there was a breakout of the main downtrend line with resistance at $0.5865 (data source: Kraken).
The pair may gain upward momentum if it breaks through the resistance levels of USD 0.5950 and USD 0.6050.

XRP price is heading up

XRP price remained stable above the $0.5780 level and started a decent uptrend, similar to Bitcoin and Ethereum. The price was able to rise above the $0.5850 and $0.5880 resistance levels.

On the hourly chart of the XRP/USD pair, there was a break of the major bearish trendline with resistance at $0.5865. The pair climbed above $0.5920 and tested the 50% Fibonacci retracement level of the downward move from the $0.6123 peak to the $0.5784 trough.

The price is now trading above $0.590 and the 100-hour elementary 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 high to the $0.5784 low.

A clear move above the $0.6050 resistance could take the price towards the $0.6120 resistance. Any further gains could take the price towards the $0.6250 resistance or even $0.6320 in the near term.

Another decline?

If XRP fails to break through the $0.5950 resistance zone, it could begin another decline. Initial support on the downside is near the $0.5865 level. The next major support is near the $0.5785 level.

If it breaks and closes below $0.5785, the price could continue to decline towards the $0.5665 support in the near future. The next major support is at $0.5500.

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 0.5865 and USD 0.5785.

Major resistance levels – USD 0.5950 and USD 0.6050.