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

The price of XRP 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.