XRP’s price is gradually advancing beyond the $0.5880 support zone. After testing the $0.6330 zone, the price has begun to correct its gains.
Despite its struggle to gain momentum like Bitcoin, XRP is now trading above $0.5980 and the 100-hourly Simple Moving Average. A key bullish trend line is emerging with support at $0.5940 on the hourly chart of the XRP/USD pair. This trend line is close to the 61.8% Fib retracement level of the recent upward move from the $0.5709 swing low to the $0.6336 high. The pair might initiate another increase if it remains above the $0.5700 support zone.
XRP’s price stayed above the $0.5550 level, forming a base and starting a fresh ascent beyond $0.5800, although its gains were modest compared to Bitcoin and Ethereum. The price rose past the $0.6150 and $0.6220 resistance levels, reaching a high of $0.6336 before encountering bearish resistance and pulling back. The subsequent dip took the price below $0.6220, testing $0.6150 and the 50% Fib retracement level of the recent rise from $0.5709 to $0.6336.
Presently, XRP is trading above $0.5980 and the 100-hourly Simple Moving Average, with a significant bullish trend line support at $0.5940. On the upside, resistance is likely around $0.6150, with major resistance points at $0.6220 and $0.6350. Clearing the $0.6350 mark could propel the price towards $0.6465. Further gains might drive the price to $0.6550 or even $0.6720 in the near term, with the next significant hurdle possibly at $0.6880.
However, if XRP fails to surpass the $0.6150 resistance zone, it might begin another descent. Initial downside support lies near $0.5980, followed by major support around $0.5940. A break and close below this level could lead to further declines, potentially driving the price toward the $0.5700 support level, with the next major support near $0.5550.
Technical indicators suggest the hourly MACD for XRP/USD is losing bullish momentum, while the hourly RSI for XRP/USD remains above the 50 level. Major support levels stand at $0.5980 and $0.5940, with significant resistance levels at $0.6150 and $0.6350.
