XRP’s price is currently consolidating gains above the $0.5850 threshold, hinting at a potential major increase if it manages to break through the $0.6150 resistance zone.
The cryptocurrency has set its sights on a fresh upward trajectory from the $0.5850 level. Trading above $0.5980 and maintaining its position above the 100-hourly Simple Moving Average, XRP is showing promising signs of continued growth. A bullish trend line is forming with support at the $0.600 mark on the hourly chart of the XRP/USD pair.
XRP established a base above the $0.5850 level, initiating a steady ascent through the $0.5880 and $0.5920 levels, mirroring similar movements observed in both Bitcoin and Ethereum. This bullish momentum is creating a continuation pattern starting from $0.5850. The price has successfully moved past the 50% Fibonacci retracement level of the downward move from the $0.6149 high to the $0.5853 low and is now trading above $0.5980, bolstered by the 100-hourly Simple Moving Average.
Further, the chart reveals a connecting bullish trend line with support at $0.600, suggesting an upward continuation might encounter resistance near $0.6050. The 61.8% Fibonacci retracement level of the downward movement from $0.6149 to $0.5853 sits close to this level, positioning $0.6050 as a critical resistance point. The next major resistance levels are identified at $0.6080 and $0.6150, with a clear move above $0.6150 potentially propelling the price toward $0.6220 and even up to $0.6350. Additional gains could see the price climbing to $0.6550 or $0.6880 in the foreseeable future.
However, if XRP fails to breach the $0.6050 resistance zone, it might face a short-term pullback. Initial downside support is located near the $0.600 mark, followed by substantial support at $0.5880. A break below $0.5880 could potentially drive the price down towards the $0.5650 support level, with the next major support at $0.5550.
Technical indicators are also providing insights into XRP’s movements. The hourly MACD for XRP/USD is gaining traction in the bullish zone, while the Hourly RSI (Relative Strength Index) is now positioned above the 50 level, pointing to sustained bullish momentum. Key support levels are marked at $0.600 and $0.5850, with significant resistance levels identified at $0.6050 and $0.6220.
