XRP Price Holds Above $0.5880 Support Amid Resistance Near $0.6150
XRP price is gradually rising above the $0.5880 support zone, having tested the $0.6330 area and currently correcting gains.
- XRP price is not gaining momentum like Bitcoin.
- The price trades above $0.5980 and the 100-hourly Simple Moving Average.
- A key bullish trend line forms with support at $0.5940 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may initiate another increase if it remains above the $0.5700 support zone.
XRP Price Holds Support
XRP price is supported above the $0.5550 level, forming a base for an increase above $0.5800, though limited compared to Bitcoin and Ethereum. The price surpassed the $0.6150 and $0.6220 resistance levels.
Bulls pushed the price above $0.6300 before a pullback occurred, forming a high at $0.6336. The price dipped below $0.6220, testing $0.6150 and the 50% Fibonacci retracement level from the $0.5709 swing low to the $0.6336 high.
Currently, the price trades above $0.5980 and the 100-hourly Simple Moving Average, with a bullish trend line supporting near $0.5940. This trend line aligns with the 61.8% Fibonacci retracement level from the upward move.
Resistance may arise near the $0.6150 level, with major resistance at $0.6220 and potentially $0.6350. A clear move above $0.6350 could drive the price toward $0.6465.
Further gains may target $0.6550 or $0.6720, with a major hurdle at $0.6880.
Another Drop?
If XRP does not surpass the $0.6150 resistance zone, a decline may occur. Initial support is at $0.5980, followed by significant support at $0.5940 and the trend line.
A downside break and close below $0.5940 could lead to a decline towards the $0.5700 support, with another key support near $0.5550.
Technical Indicators
- Hourly MACD – The MACD for XRP/USD is losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Major Support Levels – $0.5980 and $0.5940.
Major Resistance Levels – $0.6150 and $0.6350.