XRP has experienced a significant price surge, climbing above $0.550 and $0.600, and is now consolidating these gains while encountering resistance around the $0.6480 mark. Over the past few days, XRP has managed to surpass resistance levels at $0.550 and $0.580, reaching as high as $0.6473 before stabilizing. Currently trading above $0.600 and maintaining its position over the 100-hourly Simple Moving Average, XRP displays robust market activity.
The cryptocurrency faced some retracement, dipping below $0.6120 and crossing the 23.6% Fibonacci retracement level from its upward movement, which originated from a $0.4920 low to a $0.6477 high. Despite this minor dip, bulls remain active around the $0.600 price point. On the upside, XRP is encountering resistance at $0.6280, $0.6380, and a significant resistance zone around $0.640.
A contracting triangle with resistance at $0.640 has formed on the hourly chart for the XRP/USD pair. A breakthrough beyond the $0.640 resistance could propel the price toward the $0.6550 mark, and potentially even higher to $0.6720. Sustained gains might see XRP challenging the $0.6880 level, or even reaching the milestone $0.700 in the short term.
However, should XRP fail to breach the $0.640 resistance, it may undergo a downward correction. Initial support can be found around $0.6080, followed by major support at $0.600. A drop below this could further decline to $0.570 or even the 50% Fibonacci retracement level of the previous upward trend from $0.4920 to $0.6477. The next critical support level would be $0.550.
Technical indicators suggest a tapering momentum in the bullish zone, with the hourly MACD for XRP/USD losing pace and the RSI remaining above the 50 level. Major support levels are noted at $0.6080 and $0.5700, while significant resistance levels are at $0.6250 and $0.6400.
