XRP has experienced a significant rally, successfully breaking through the $0.600 resistance level and climbing over 10%. It is now consolidating its gains around $0.6450.
The cryptocurrency commenced a fresh upward trend, surpassing the $0.600 resistance barrier. It currently trades above $0.6250, well above the 100-hourly Simple Moving Average. Observations on the hourly chart of the XRP/USD pair indicate the formation of a key contracting triangle, with resistance positioned at $0.6500.
Should the pair manage to clear the resistance levels at $0.6500 and $0.6550, it could initiate a new surge.
XRP outperformed Bitcoin and Ethereum by advancing beyond the $0.60 resistance zone. The bullish momentum pushed it above the $0.6120 and $0.6250 resistance thresholds, even surpassing the $0.650 resistance. The price peaked at $0.6642 before undergoing a correction, dropping below the $0.6550 and $0.6500 levels, and testing the 50% Fib retracement level from its rise from a low of $0.6082 to the high of $0.6642.
Currently, XRP is maintaining a position above $0.6250 and the 100-hourly Simple Moving Average. The price might encounter resistance near $0.650. This level also aligns with a critical contracting triangle seen on the hourly chart.
The first significant resistance level lies near $0.6550, followed by another key resistance at $0.6640. A decisive move beyond the $0.6640 barrier could propel XRP towards the $0.6850 resistance, and further gains might bring the price to $0.700 or even $0.720 in the near future.
However, if XRP fails to overcome the $0.650 resistance zone, it may continue to decline. Initial support is expected around the $0.6350 mark, with a more major support level near $0.6285 and the 61.8% Fib retracement of the upward trajectory from $0.6082 to $0.6642. A break below $0.6285 could extend the downturn, pushing the price towards the $0.6120 support, with the next significant support level at $0.600.
Technical indicators reveal that the Hourly MACD for XRP/USD is losing momentum in the bullish zone, while the Hourly RSI (Relative Strength Index) for XRP/USD is currently positioned above the 50 level. Key support levels are $0.6350 and $0.6285, while major resistance levels remain at $0.6500 and $0.6550.
