XRP price has found support near the $0.5600 zone. The price is rising again and may be heading towards breaking through the $0.60 resistance zone.
- XRP price stayed near the $0.560 zone.
- The price is currently holding above $0.5750 and the 100-hour basic moving average.
- On the hourly chart of the XRP/USD currency pair, there was a breakout of the descending trend line connecting with the resistance at USD 0.5750 (data source: Kraken).
- The pair may gain upward momentum if it breaks through the resistance levels of USD 0.590 and USD 0.600.
XRP price regains strength
XRP price started a recent decline from the $0.5985 zone, similar to Bitcoin and Ethereum. The price fell below the $0.5750 support zone, but bulls were busy near the $0.560 zone.
A low was formed at $0.5597 and the price started a recent upward move, breaking BTC and ETH. There was a steady augment above the resistance levels of $0.570 and $0.5720. The 50% Fibonacci retracement level of the downward move from the $0.5989 swing high to the $0.5597 low was broken.
The hourly chart of the XRP/USD pair saw a break of the connecting bearish trend line with resistance at $0.5750. The price is now trading above $0.5750 and the 100-hour basic moving average.
On the other hand, the price could face resistance near the $0.5890 level. This is near the 76.4% Fibonacci retracement level of the downward move from the $0.5989 high to the $0.5597 low. The first major resistance is near the $0.590 level.
The next key resistance could be $0.600. A clear move above the $0.600 resistance could take the price towards the $0.6120 resistance. The next major resistance is near the $0.6250 level. Any further gains could take the price towards the $0.6320 or even $0.6440 resistance in the near future.
Another decline?
If XRP fails to break through the $0.590 resistance zone, it could begin another decline. Initial support on the downside is near the $0.5765 level. The next major support is $0.5750.
If it breaks and closes below $0.5750, the price could continue to decline towards the $0.560 support in the near future. The next major support is at $0.5420.
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 0.5765 and USD 0.5600.
Major resistance levels – USD 0.5900 and USD 0.6000.
