The XRP price has initiated a fresh upswing from the $0.540 zone, now targeting a possible breakthrough above the $0.600 resistance level. Following an uptick above the $0.580 region and surpassing the 100-hourly Simple Moving Average, the cryptocurrency is displaying impressive momentum.
Currently, a significant contracting triangle with support positioned at $0.5880 is forming on the hourly chart of the XRP/USD pair. If XRP continues this bullish trajectory, it may very well overcome the $0.60 resistance barrier.
XRP’s price stability above the $0.540 mark paved the way for the latest surge, which saw movements above the $0.5650 and $0.5720 resistance points. Comparatively, XRP’s progress lagged behind Ethereum and Bitcoin, yet it still managed to climb over the 50% Fibonacci retracement level from the $0.6374 swing high to the $0.5404 low. The price action remains positive, supported by the 100-hourly Simple Moving Average, though the $0.600 level poses a challenge for the bulls.
There is notable resistance at the $0.600 threshold; surpassing it could lead to further gains. Key resistance points lie at $0.6150, followed by $0.6370. A decisive move above $0.6370 might propel the price towards the $0.650 mark, with subsequent resistance around $0.6665. Continued upward momentum could push XRP to test the $0.680 resistance level.
Conversely, if XRP fails to breach the $0.600 resistance zone, a decline might ensue. Initial support on the downside is near the $0.5880 level and the triangle’s lower trend line. The next significant support is at $0.5650. A downside break and close below $0.5650 could lead to further declines, potentially testing support around $0.540.
Technical indicators show that the hourly MACD for XRP/USD is gaining traction in the bullish zone, while the hourly RSI for the pair is above the 50 level. Major support levels exist at $0.5880 and $0.5650, with major resistance levels at $0.6000 and $0.6150.
