XRP Price Set to Rise: Is Another Uptrend on the Horizon?

XRP price maintains gains above the $0.5920 zone. The price could gain bullish momentum if it breaks through the $0.6120 resistance level.

XRP price is consolidating gains below the $0.6120 resistance zone.
The price is currently trading around $0.6050 and the 100-hour elementary moving average.
A key contracting triangle is forming on the hourly chart of the XRP/USD currency pair with resistance at $0.6120 (data source: Kraken).
If the price stays above the support zone at USD 0.5920, the pair may start another uptrend.

XRP price is heading towards a fresh raise

XRP price remained stable above the $0.580 support zone. The price fell to $0.5846 and recently started an upward move. It clearly broke above the $0.600 resistance zone but lagged behind the momentum, similar to Bitcoin and Ethereum.

The move was above the 50% Fibonacci retracement level of the downward move from the $0.6257 high to the $0.5846 low. The price is currently trading near $0.6050 and the 100-hour elementary moving average.

If there are more gains, the price could encounter resistance near the $0.6120 level. The hourly chart of the XRP/USD pair is also forming a key contracting triangle with resistance at $0.6120. The given triangle resistance is near the 61.8% retracement level of the downward move from the $0.6257 high to the $0.5846 low.

The first major resistance is near the $0.6250 level. The next key resistance could be $0.6320. A clear move above the $0.6320 resistance could take the price towards the $0.6450 resistance. The next major resistance is near the $0.6550 level. Any further gains could take the price towards the $0.680 resistance.

Another decline?

If XRP fails to break through the $0.6120 resistance zone, it could begin another decline. Initial support on the downside is near the $0.6020 level. The next major support is at $0.5920 and the triangle trendline zone.

If a breakout and close below $0.5920 occurs, the price could continue to decline towards the $0.580 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 approaching the 50 level.

Major support levels – USD 0.5920 and USD 0.5800.

Major resistance levels – USD 0.6120 and USD 0.6250.