XRP is on the verge of breaking above the pivotal $0.5920 mark, a move that could potentially set off a bullish trend if it surpasses the critical resistance levels at $0.5920 and $0.6000. This development follows recent price actions where XRP successfully initiated another surge toward the $0.600 zone, trading above $0.5780 and staying well above the 100-hourly Simple Moving Average.
In recent hours, there was a notable break below a connecting bullish trend line with support at $0.5900 on the hourly chart of the XRP/USD pair. Despite this minor setback, the pair remains poised to regain bullish momentum if it can clear the crucial resistance thresholds.
XRP had sustained strong support above $0.5700, embarking on a fresh upward trajectory similar to notable cryptocurrencies like Bitcoin and Ethereum. It managed to break past resistance areas at $0.5800 and $0.5850, even advancing into the $0.5920 resistance zone. However, the bulls encountered resistance near $0.60, forming a high at approximately $0.5941 before experiencing a downward correction.
This correction saw XRP dip below the $0.5880 support level, also moving past the 23.6% Fibonacci retracement level of the upward journey from the $0.5622 low to the $0.5941 high. Currently, support is strong near the $0.5780 level, thanks in part to the 50% Fibonacci retracement level of the same upward move acting as a reliable safety net.
XRP is trading above $0.5780 and the 100-hourly Simple Moving Average, with initial resistance at $0.5880. The first significant resistance point stands at $0.5920, followed by a key resistance at $0.6000. If XRP successfully clears the $0.6000 barrier, it could continue its ascent toward the $0.6160 resistance. Further gains might propel the price to $0.6250 or even $0.6350 in the foreseeable future.
However, a failure to overcome the $0.5880 resistance zone could trigger another decline. The initial downside support is around $0.5780 and the 100-hourly Simple Moving Average, with a more substantial support level at $0.5740. A break below this could see XRP declining toward the $0.5650 support level, with $0.5600 being the next major support.
Technical indicators reveal that the hourly MACD for XRP/USD is losing pace in the bullish zone, and the RSI for XRP/USD has dipped below the 50 level, indicating a potential shift in momentum. Key support levels to watch are $0.5780 and $0.5740, with major resistance anticipated at $0.5920 and $0.6000.
