XRP price is gradually inching higher above the $0.5650 support level. For the cryptocurrency to kickstart a significant surge in the near term, it must clear the resistance at $0.5880 and $0.60.
In recent movements, XRP has been attempting a fresh upward trajectory surpassing the $0.5650 mark. The currency is now trading close to $0.5750, aligning with the 100-hourly Simple Moving Average. There is a notable rising channel forming with resistance at $0.5880 on the hourly chart of the XRP/USD pair.
XRP price stabilized near the $0.550 mark and began a new ascent, similar to Bitcoin and Ethereum. It successfully climbed above the resistance levels of $0.5620 and $0.5650. This climb included surpassing the 50% Fib retracement level from the previous downward move, which stretched from a $0.6020 high to a $0.5455 low.
The bulls appear poised to attempt a significant breakthrough above the $0.600 resistance zone, although bears remain active around $0.5880. This critical zone corresponds with a key rising channel on the hourly chart of the XRP/USD pair. The current trading level around $0.5750 is near the 100-hourly Simple Moving Average.
Upside movements are encountering notable resistance near $0.5880. This level is close to the 76.4% Fib retracement of the prior downward move from a $0.6020 high to a $0.5455 low, marking a significant barrier. The primary resistance is anticipated around the $0.60 level. Surpassing this could propel XRP toward the $0.6150 resistance, with further resistance near $0.6250. An extended uptrend might reach $0.6320 or even $0.650 in the near future.
Conversely, if XRP fails to surpass the $0.5880 resistance zone, it could trigger another downturn. Initial downside support is expected near $0.570, followed by a significant support level at $0.5650. A decisive break and close below $0.5650 could result in further declines toward the $0.550 support, with subsequent support located at $0.5350.
Technical indicators show bullish tendencies with the hourly MACD for XRP/USD gaining momentum. The hourly RSI for the pair is also above the 50 level, indicating strength. Major support levels stand at $0.5700 and $0.5650, while primary resistance levels are marked at $0.5880 and $0.6000.
