XRP is currently consolidating above the $0.5920 level, with the potential to initiate a fresh upward movement if it can overcome the $0.6050 resistance zone.
Current Price Dynamics
XRP is poised for a potential increase from the $0.5920 level.
The price is currently trading below $0.600 and the 100-hour Simple Moving Average (SMA).
A bearish trend line has formed, providing resistance at $0.6020 on the hourly chart of the XRP/USD pair (data from Kraken).
A breakthrough of the $0.6050 resistance zone could trigger a new upward trend.
XRP Price Targets Higher Levels
XRP recently made an attempt to climb above the $0.6150 level, successfully surpassing the $0.6180 and $0.6220 resistance levels. However, unlike Bitcoin and Ethereum, the gains were limited above the $0.630 mark.
The price reached a high of $0.6306 before retreating, consolidating its losses with a low of $0.5925. A minor increase followed, pushing the price slightly above the $0.5950 level. Despite this, XRP is still trading below $0.600 and the 100-hourly SMA.
For XRP to start a fresh upward movement, it would need to overcome the initial resistance near the $0.600 level. The bearish trend line at $0.6020 also poses a challenge, aligning with the 23.6% Fibonacci retracement level of the recent decline from the $0.6306 high to the $0.5925 low.
The first significant resistance lies at $0.6050, followed by another key resistance at $0.6160, which corresponds to the 61.8% Fibonacci retracement level of the same downward move. A decisive break above the $0.6160 resistance could propel XRP toward the $0.630 mark, with the next major resistance at $0.6350. If the bullish momentum continues, XRP could aim for the $0.6550 resistance, or even reach $0.6880 in the near term.
Potential for Further Decline
If XRP fails to break through the $0.6050 resistance zone, it could face another downward correction. The first line of support on the downside is near the $0.5920 level, with a more substantial support level at $0.5880.
A break below the $0.5880 support could lead to a deeper decline, with the price potentially dropping toward the $0.5650 support. The next major support level sits at $0.5550.
Technical Indicators:
Hourly MACD: The MACD for XRP/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is currently below the 50 level.
Key Support Levels: $0.5920 and $0.5880.
Key Resistance Levels: $0.6050 and $0.6160.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“