XRP is experiencing a surge in price, currently trading above $0.580. There are promising signs that it could gain bullish momentum if it clears resistance levels at $0.5920 and $0.600.
The cryptocurrency has consistently been supported near the $0.5700 zone and now finds itself trading above $0.580 along with the 100-hourly Simple Moving Average. A significant move was observed when the price broke above a major bearish trend line, setting resistance at $0.5720 on the hourly chart of the XRP/USD pair.
XRP formed a solid base above the $0.5620 mark, initiating a fresh increase akin to major cryptocurrencies like Bitcoin and Ethereum. It successfully overcame resistance levels at $0.5720 and $0.5850. The price also broke past the 61.8% Fibonacci retracement level of its downward trajectory from a $0.5932 swing high to a $0.5622 low.
Currently, the price is trading above $0.580, aligning with the 100-hourly Simple Moving Average and consolidating near the 76.4% Fibonacci retracement level from its previous downward move.
Resistance is anticipated near the $0.5880 level, with the first major resistance observed at the $0.5920 mark. If it surpasses this, the next critical resistance could be at $0.600. Clearing this level might propel the price towards the $0.6160 resistance. The next major resistance is projected near $0.6220, and should gains continue, XRP might reach the $0.6320 or even $0.6350 in the near term.
However, if XRP fails to surpass the $0.5920 resistance zone, it could face another decline. Initial downside support is expected near the $0.580 level and the 100-hourly Simple Moving Average. The next significant support is projected near $0.5690. A break below this level could see the price continue its decline towards the $0.5620 support and, eventually, the next major support at $0.5550.
Technical indicators show the hourly MACD for XRP/USD gaining pace in the bullish zone, while the hourly RSI (Relative Strength Index) stands above the 50 level. Major support levels currently are $0.5820 and $0.5790, with major resistance observed at $0.5920 and $0.6000.
