XRP price rallied above the $0.5800 support zone, surging toward the $0.6150 resistance level before correcting its gains. Despite the recent uptick, XRP still struggles to maintain a steady upward momentum akin to Bitcoin. Currently, the digital currency trades above $0.580 and the 100-hourly Simple Moving Average, with a crucial bullish trend line forming a support level at $0.5780 on the hourly chart of the XRP/USD pair.
XRP has remained resilient above the $0.5250 level, establishing a firm base before initiating an ascent past $0.5550. However, its gains have been modest compared to Bitcoin and Ethereum. The price surpassed significant resistance levels at $0.5850 and $0.6000, climbing above $0.6050 before encountering resistance. A high was marked at $0.6162, followed by a pullback that saw the price dip below $0.600, testing the $0.5640 level. The low of $0.5640 served as a launching pad for another upward attempt.
Following a new move above the $0.580 resistance, XRP broke the 50% Fibonacci retracement level of the recent decline from the $0.6162 swing high to the $0.5630 low. Now trading above $0.580 and the 100-hourly Simple Moving Average, the pair has further support from a bullish trend line at $0.5780.
On the upside, resistance looms at $0.5950 or the 61.8% Fibonacci retracement level of the recent drop from the $0.6162 high to the $0.5630 low. The primary resistance level rests at $0.6040, followed by $0.6150. A clear move past $0.6150 could propel the price toward the $0.6220 level. Continued gains might drive XRP to challenge the $0.6350 resistance or even $0.6420 in the near term, with the next major obstacle at $0.6500.
However, should XRP fail to overcome the $0.600 resistance zone, it could face another decline. Initial downside support is at $0.5820, with further support near $0.5780 and along the trend line. A break below $0.5780 could push the price toward the $0.5650 support level, with the next critical support sitting at $0.5500.
Technical indicators show the hourly MACD for XRP/USD gaining momentum in the bullish zone. The hourly RSI for XRP/USD is currently above the 50 level, indicating buying strength. Key support levels are pegged at $0.5820 and $0.5780, while major resistance levels are noted at $0.6000 and $0.6150.
