XRP is making another attempt to rise from its support zone at $0.5785. The price may gain bullish momentum if it successfully surpasses the critical resistance level of $0.60.
Recently, XRP extended its decline beyond the $0.5920 support level, testing the low near $0.5785. After reaching a trough at $0.5788, the price began a fresh upward attempt, diverging from the trends seen in Bitcoin and Ethereum. It moved past the $0.5850 and $0.5880 levels, clearing the 23.6% Fib retracement level derived from the downward movement between the $0.6306 high and the $0.5788 low. Additionally, XRP broke through a bearish trend line with resistance at $0.590 on its hourly chart.
Despite these gains, XRP continues to trade below $0.600 and its 100-hourly Simple Moving Average. Resistance looms at the $0.600 mark, with the first key resistance appearing near $0.6020. Another significant resistance could be found around $0.6050, coinciding with the 50% Fib retracement level of the aforementioned downward movement from $0.6306 to $0.5788. A clear move above $0.6050 might push the price further toward the $0.6160 resistance level.
Continued upward momentum could see XRP targeting major resistance around $0.6250 and potentially rising to $0.6350 or even $0.650 in the near term.
However, should XRP fail to clear the $0.60 resistance zone, another decline could be on the horizon. Initial support on the downside is identified around $0.5850, with the next major support level at $0.5785. A downside break and close below this level may lead to continued declines aiming at the $0.550 support. Beyond that, the next critical support lies at $0.5320.
Technical indicators show the hourly MACD for XRP/USD losing pace in the bearish zone. Meanwhile, the hourly RSI (Relative Strength Index) for XRP/USD has climbed above the 50 level, indicating a potential for upward movement.
The main support levels to watch are $0.5850 and $0.5785, while the primary resistance levels loom at $0.6000 and $0.6050.
