The XRP price gained speed and was able to overcome the USD 0.600 resistance. The price is up over 10% and is now consolidating gains near $0.6450.
- XRP price started a fresh rise above the USD 0.600 resistance zone.
- The price is now trading above USD 0.6250 and the 100-hourly Simple Moving Average.
- A major contracting triangle is forming at resistance at $0.6500 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a fresh rise if it overcomes the USD 0.6500 and USD 0.6550 resistance levels.
XRP price settles above $0.60
XRP price started a big rise above the $0.60 resistance, beating Bitcoin and Ethereum. The bulls were able to pump the price above the USD 0.6120 and USD 0.6250 resistance levels.
It even broke the USD 0.650 resistance. A high was formed at $0.6642 and the price started a downward correction. There was a move below the USD 0.6550 and USD 0.6500 levels. The price tested the 50% Fib retracement level of the upward move from the $0.6082 swing low to the $0.6642 high.
The price is now trading above USD 0.6250 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance around the $0.650 level. There is also a major contracting triangle forming with resistance at $0.6500 on the hourly chart of the XRP/USD pair.
The first major resistance is around the $0.6550 level. The next major resistance could be $0.6640. A clear move above the resistance at $0.6640 could send the price towards the resistance at $0.6850. Any further gains could send the price towards the USD 0.700 or even USD 0.720 resistance in the near term.
Are dips supported?
If XRP fails to break the USD 0.650 resistance zone, it may continue to decline. The initial downside support is near the $0.6350 level. The next major support is near the $0.6285 level and the 61.8% Fib retracement level of the upward move from the $0.6082 swing low to the $0.6642 high.
If there is a downside break and a close below the $0.6285 level, the price could continue to decline towards $0.6120 in the near term. The next major support is at $0.600.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – $0.6350 and $0.6285.
Major resistance levels – $0.6500 and $0.6550.
