XRP price is gradually advancing beyond the $0.5880 support zone, having recently tested the $0.6330 zone and currently undergoing a correction. However, the price struggles to gain momentum comparable to Bitcoin. Presently, XRP is trading above $0.5980 and the 100-hourly Simple Moving Average, with a significant bullish trend line forming, providing support at $0.5940 on the hourly chart of the XRP/USD pair. This support line is crucial for maintaining upward movement, contingent on staying above the $0.5700 support zone.
The price of XRP found a base above the $0.5550 level and began to rise past $0.5800, although the gains were more subdued when compared to Bitcoin and Ethereum. The upward movement saw XRP surpass the $0.6150 and $0.6220 resistance levels, with bullish momentum even pushing the price above $0.6300. A peak was reached at $0.6336 before a pullback occurred, bringing the price down below $0.6220 and testing the $0.6150 level. This pullback reached the 50% Fibonacci retracement level of the rise from the $0.5709 swing low to the $0.6336 high.
Currently, XRP trades above $0.5980 and the 100-hourly Simple Moving Average, with a crucial bullish trend line forming support at $0.5940. This trend line aligns closely with the 61.8% Fibonacci retracement level of the upward move from the $0.5709 swing low to the $0.6336 peak. In terms of resistance, XRP could face initial challenges around $0.6150, with a more substantial resistance near $0.6220. Should XRP surpass $0.6350, it might aim for $0.6465 resistance, further rallying potentially towards $0.6550 or even $0.6720 in the short term.
Should XRP fail to overcome the $0.6150 resistance zone, another decline might be on the horizon. Immediate support on the downside is near the $0.5980 level, with the next significant support around $0.5940 accompanied by the trend line support. A decisive break and close below $0.5940 could pave the way for a continued decline towards the $0.5700 support in the near term, with a further drop toward the $0.5550 zone possible.
Technical indicators suggest a loss of bullish momentum as observed in the hourly MACD for XRP/USD, while the Hourly RSI for XRP/USD remains above the 50 level, indicating some bullish resilience. Major support levels to monitor are $0.5980 and $0.5940, with critical resistance levels at $0.6150 and $0.6350.
