XRP has recently gained momentum, surging past the $0.5800 support zone and rallying towards the $0.6150 resistance before correcting. Despite the bullish movement, XRP struggles to rise as steadily as Bitcoin. Currently, the cryptocurrency is trading above $0.580 and the 100-hourly Simple Moving Average. A key bullish trend line forms support at $0.5780 on the hourly XRP/USD chart. If XRP maintains its position above the $0.5720 support zone, it could initiate a fresh increase.
The price found support above the $0.5250 level and commenced a fresh upward trend past $0.5550, though its gains lagged behind Bitcoin and Ethereum. The ascent continued above the $0.5850 and $0.6000 resistance levels, even reaching beyond $0.6050 before encountering bearish resistance. A high was recorded at $0.6162, followed by a retracement that saw XRP dip below $0.600, testing $0.5640. A low at $0.5640 prompted another attempt at rallying.
Following this, XRP moved past the $0.580 resistance and exceeded the 50% Fibonacci retracement level of the recent drop from $0.6162 to $0.5630. Trading above $0.580 and the 100-hourly Simple Moving Average, XRP is supported by a bullish trend line at $0.5780 on the hourly XRP/USD chart. It faces potential resistance around $0.5950 or the 61.8% Fibonacci retracement level of the recent decline.
The primary resistance stands at $0.6040, with subsequent resistance at $0.6150. A decisive move above $0.6150 could propel XRP towards $0.6220. Further gains may lift the price towards the $0.6350 or $0.6420 level, with the next significant hurdle at $0.6500.
However, failing to break the $0.600 resistance zone, XRP risks initiating a decline. Immediate support on the downside lies around $0.5820, followed by crucial support near $0.5780 and the trend line. A break below this could see XRP dropping towards $0.5650, with the major support zone at $0.5500.
Technical indicators suggest a positive outlook with the Hourly MACD gaining traction in the bullish zone and the Hourly RSI hovering above the 50 level. Major support levels are identified at $0.5820 and $0.5780, while major resistance levels are noted at $0.6000 and $0.6150.
