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:
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