$XRP Price Grinds Higher: Is A Break Above $0.60 Imminent?
XRP Price Analysis: Potential for Further Gains
XRP's price has surged past the $0.550 resistance zone and is showing positive momentum, with the potential to extend gains above $0.5850 and $0.600.
Current Price Movement
- Price Action: XRP has risen above $0.550 and is trading above the 100-hour Simple Moving Average. A bullish trend line is forming with support at $0.5620 on the hourly chart of XRP/USD (data from Kraken).
- Resistance Levels: The price is currently facing resistance near $0.5950, with the first major resistance at $0.600. A clear break above $0.600 could pave the way for further gains, potentially reaching $0.620 and, beyond that, $0.6380. Continued upward momentum could see XRP testing the $0.650 resistance and possibly reaching $0.6880.
Recent Performance
XRP established a base above $0.525 and initiated a new upward movement. It broke through the $0.5450 resistance, moving into a positive zone similar to Ethereum and #bitcoin☀️ . The price also surpassed the $0.5650 resistance, forming a high at $0.5925 before consolidating. Currently, it is experiencing a minor pullback below the 23.6% Fibonacci retracement level from the $0.5330 swing low to the $0.5925 high.
Support Levels
- Immediate Support: Initial support is near $0.5620, where the trend line and the 50% Fibonacci retracement level of the move from $0.5330 to $0.5925 converge.
- Further Support: The next significant support level is at $0.550. A drop below this level could lead to a decline towards the $0.5350 support.
Technical Indicators
- Hourly #MACD : The MACD for XRP/USD is gaining strength in the bullish zone.
- Hourly RSI: The RSI for XRP/USD is above 50, indicating positive momentum.
Major Support Levels: $0.5620 and $0.550
Major Resistance Levels: $0.5950 and $0.600
Source - newsbtc.com
