XRP Price Heads to Reclaim $0.60: Key for Fresh Rally

XRP price is slowly moving up above the $0.5650 support. The price needs to break above $0.5880 and $0.60 to start a recent uptrend in the near future.

XRP price is trying to rise above the $0.5650 level again.
The price is currently hovering around $0.5750 and the 100-hour straightforward moving average.
A key rising channel is forming on the hourly chart of the XRP/USD pair with resistance at $0.5880 (data source: Kraken).
The pair could start a recent uptrend if it breaks through the resistance zone at USD 0.5880.

XRP price is heading towards a fresh augment

The price of XRP remained stable near the $0.550 level and started a recent uptrend, similar to Bitcoin and Ethereum. The price was able to rise above the $0.5620 and $0.5650 resistance levels.

There was a move above the 50% Fibonacci retracement level of the downward move from the $0.6020 high to $0.5455 low. It looks like the bulls may soon try to break above the $0.600 resistance zone. However, the bears are dynamic near the $0.5880 resistance zone.

The XRP/USD hourly chart is also seeing a key bullish channel forming with resistance at $0.5880. The price is currently trading near $0.5750 and the 100-hour straightforward moving average.

On the other hand, the price is facing obstacles near the $0.5880 level. It is near the 76.4% Fibonacci retracement level of the downward movement from the $0.6020 high to the $0.5455 low. The first major resistance is near the $0.60 level.

The next key resistance could be $0.6020. A clear move above the $0.6020 resistance could take the price towards the $0.6150 resistance. The next major resistance is near the $0.6250 level. Any further gains could take the price towards the $0.6320 or even $0.650 resistance in the near future.

Another drop?

If XRP fails to break through the $0.5880 resistance zone, it could begin another decline. Initial support on the downside is near the $0.570 level. The next major support is at the $0.5650 level.

If it breaks and closes below $0.5650, the price could continue to decline towards the $0.550 support. The next major support is at $0.5350.

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 0.5700 and USD 0.5650.

Major resistance levels – USD 0.5880 and USD 0.6000.