🔥🔥🔥 #XRPPrice Could Soon Surge: Can Bulls Fuel the Rally?
XRP Price Eyes Break Above $0.600, Needs Weekly Close for Further Gains
XRP is attempting to break above the $0.600 resistance, showing bullish signs. However, a weekly close above this level is crucial for a sustained surge.
- XRP is pushing toward the $0.6050 zone.
- It is trading above $0.5880 and the 100-hourly Simple Moving Average.
- A key bearish trend line was broken, with resistance at $0.590, signaling potential upside.
- Clearing resistance at $0.5950 and $0.600 could lead to further bullish momentum.
#BullishPotential for XRP
XRP has been well-supported above $0.5750, similar to #bitcoin☀️ and Ethereum, and has cleared the $0.5800 and $0.5880 resistance zones. A key bearish trend line at $0.590 was broken, and the price approached the 50% Fib retracement level from the $0.6123 swing high to the $0.5784 low, reaching $0.5950.
Currently, XRP is trading above $0.5880, with resistance at $0.5950 and $0.600. A break above these levels could push the price to the next resistance at $0.6050 or the 76.4% Fib retracement of the downward move from $0.6123 to $0.5784. If the price clears $0.6050, it could climb toward $0.6120, and further gains might take it to $0.6280 or $0.6320.
Possible Rejection and Drop
If XRP fails to break above $0.600, it could face another decline. Initial support lies near $0.5880 and the 100-hourly Simple Moving Average, followed by the $0.5800 level. A downside break below $0.580 could lead to a drop toward the $0.5720 support, with the next major support around $0.5650.
Technical Indicators:
- Hourly MACD: Gaining momentum in the bullish zone.
- Hourly RSI: Above 50, indicating bullish strength.
- Key Support: $0.5880, $0.5720.
- Key Resistance: $0.5950, $0.6050.
Source - newsbtc.com
